Official financial reports from Verizon, financial news outlets like Bloomberg or Reuters

Verizon Strikes $3.3 Billion Deal to Sell 6,339 Towers to Vertical Bridge

Sep 30, 2024, 11:33 AM

Verizon Communications is in advanced talks to sell approximately 6,339 mobile phone towers to digital infrastructure firm Vertical Bridge for $3.3 billion. The deal will grant Vertical Bridge exclusive rights to lease, operate, and manage these towers, including certain commercial benefits. This transaction aims to help Verizon, the largest wireless carrier in the U.S., reduce costs tied to its mobile towers and unlock more cash to bolster its network. The companies have entered into a definitive agreement, driving Verizon's stock towards a two-year high.