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

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

Quick Summary:

The deal, covering 6,339 towers across all 50 US states and Washington D.C., includes upfront cash proceeds of $2.8 billion.

Verizon had said earlier this month it would buy fiber-optic internet provider Frontier Communications in an all-cash deal worth $20 billion.J.P.

DigitalBridge, a digital-focused asset manager and majority owner of Vertical Bridge, along with investment group CDPQ, have committed to provide capital to support the transaction.