The infrastructure company will gain exclusive rights to manage 6,339 wireless towers as part of a 10-year agreement — with options to extend the deal by up to 50 years.
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“Upon the completion of this transaction, these assets, together with our existing portfolio which includes thousands of young, purpose-built towers, enhance Vertical Bridge’s position as a fast, friendly, and flexible colocation partner to the wireless industry,” said Ron Bizick, President and CEO of Vertical Bridge.
Terms of the deal provide Verizon access to additional space on the towers for future use.
The US carrier said its latest deal with Vertical Bridge supports existing efforts to drive tower-related costs.
“As the nation’s largest mobility provider, we are well positioned with greater financial flexibility to invest in our business, return value to our shareholders and make the nation’s best network even better for customers,” said Hans Vestberg, chair and CEO of Verizon.
The transaction is expected to close by the end of 2024, subject to closing conditions.
The news comes after Verizon announced plans to acquire Frontier in a deal worth $20 billion.
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