Verizon Communications and Vertical Bridge have entered into a definitive agreement worth $3.3 billion, where Vertical Bridge will obtain exclusive rights to lease, operate and manage 6,339 wireless communications towers across all U.S. states and D.C. The transaction includes upfront proceeds of $2.8 billion in cash, structured as a prepaid lease expected to close by end of 2024.Under the agreement, Verizon will become the anchor tenant with a 10-year leaseback arrangement, including options to extend up to 50 years. The deal aims to reduce Verizon's tower-related costs while maintaining network flexibility. Verizon will retain access to additional tower space for future use, subject to certain restrictions.The transaction represents the largest U.S. tower deal in nearly a decade, strengthening Vertical Bridge's position in the wireless infrastructure industry. DigitalBridge, as majority owner, and CDPQ have committed capital to support the transaction, which requires customary closing conditions.

Verizon Communications and Vertical Bridge have entered into a definitive agreement worth $3.3 billion, where Vertical Bridge will obtain exclusive rights to lease, operate and manage 6,339 wireless communications towers across all U.S. states and D.C. The transaction includes upfront proceeds of $2.8 billion in cash, structured as a prepaid lease expected to close by end of 2024.Under the agreement, Verizon will become the anchor tenant with a 10-year leaseback arrangement, including options to extend up to 50 years. The deal aims to reduce Verizon's tower-related costs while maintaining network flexibility. Verizon will retain access to additional tower space for future use, subject to certain restrictions.The transaction represents the largest U.S. tower deal in nearly a decade, strengthening Vertical Bridge's position in the wireless infrastructure industry. DigitalBridge, as majority owner, and CDPQ have committed capital to support the transaction, which requires customary closing conditions.