On September 30, 2024, Verizon Communications Inc. announced a definitive agreement with Vertical Bridge REIT, LLC, in which Vertical Bridge will acquire exclusive rights to lease, operate, and manage 6,339 wireless communications towers owned by Verizon's subsidiaries. The deal is valued at approximately $3.3 billion, including certain commercial benefits. Verizon will receive about $2.8 billion in cash upfront from the prepaid lease arrangement. Additionally, Verizon will lease back capacity on the towers for a 10-year term, with options to extend up to 50 years. This strategic move is expected to enhance Verizon's financial flexibility and support its network optimization efforts. The transaction is anticipated to close by the end of 2024, pending customary closing conditions. The agreement is part of Verizon's ongoing efforts to...Show More

On September 30, 2024, Verizon Communications Inc. announced a definitive agreement with Vertical Bridge REIT, LLC, in which Vertical Bridge will acquire exclusive rights to lease, operate, and manage 6,339 wireless communications towers owned by Verizon's subsidiaries. The deal is valued at approximately $3.3 billion, including certain commercial benefits. Verizon will receive about $2.8 billion in cash upfront from the prepaid lease arrangement. Additionally, Verizon will lease back capacity on the towers for a 10-year term, with options to extend up to 50 years. This strategic move is expected to enhance Verizon's financial flexibility and support its network optimization efforts. The transaction is anticipated to close by the end of 2024, pending customary closing conditions. The agreement is part of Verizon's ongoing efforts to reduce tower-related costs and diversify vendors in a concentrated industry. The deal represents a significant milestone for Vertical Bridge, marking its evolution into a major player in the US tower space. DigitalBridge and CDPQ, shareholders of Vertical Bridge, have committed capital to support the transaction. J.P. Morgan and Jones Day advised Verizon, while Centerview Partners LLC and Greenberg Traurig advised Vertical Bridge. Simpson Thacher & Bartlett and Mayer Brown LLP provided legal counsel to DigitalBridge and CDPQ, respectively.