Verizon Strikes $3.3 Billion Tower Deal With Vertical Bridge

Verizon Communications reached a $3.3 billion deal that gives Vertical Bridge the exclusive rights to lease, operate and manage thousands of wireless communications towers over at least 10 years. The two companies said the agreement is structured as a prepaid lease, with upfront payments of about $2.8 billion in cash. The deal allows Verizon to lease back capacity on 6,339 towers from Vertical Bridge as anchor tenant, with options to extend the lease term by up to 50 years. The agreement builds on Verizon’s existing joint venture with Vertical Bridge and is aimed at driving down tower-related costs, the companies said.