Verizon to sell mobile towers to infra firm Vertical Bridge in $3.3 bn deal

Verizon Communications will sell thousands of mobile phone towers to digital infrastructure firm Vertical Bridge in a $3.3 billion deal, it said on Monday, unlocking more cash for the dominant US wireless carrier to bolster its network.

The deal, covering 6,339 towers across all 50 US states and Washington D.C., includes upfront cash proceeds of $2.8 billion. The towers will be leased back to Verizon for 10 years, with an option to extend the term up to 50 years.