Verizon agrees to $3.3B tower sale-leaseback of 6,339 towers to Vertical Bridge

VERIZON COMMUNICATIONS INC

Vertical Bridge will lease, operate and manage 6,339 Verizon towers in all 50 states for ~$3.3B total.
Upfront cash proceeds of ~$2.8B; Verizon will lease back capacity for 10-year term, extendable to 50 years.
Transaction expected to close by end of 2024, subject to customary conditions.
Verizon Chairman and CEO Hans Vestberg says deal provides financial flexibility and reduces tower costs.
Vertical Bridge, backed by DigitalBridge and CDPQ, will become a leading US tower operator.

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