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COMMUNICATIONS: Verizon Tower Sale Reportedly To Be Announced As Soon As Today

COMMUNICATIONS
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Deal potentially being announced today; it was first reported on back in July (see prior bullet). Deal amount is small (~0.1x) compared to Verizon leverage.

• BBG sources reporting that Verizon is close to selling 6,339 mobile phone towers to Vertical Bridge in a deal valued at around USD 3.3bn that is to be announced today.
• Verizon would enter a 10-year lease-back agreement with the option to extend for up to 50 years.
• Vertical Bridge, a private communications infrastructure firm, owns over 11,000 towers and 500,000 sites.
• Verizon is exploring ways to raise cash, following its recent acquisition of Frontier Communications for USD 20bn.
• Prior bullet on the sale; https://marketnews.com/reports-verizon-baa1-bbb-a-to-sell-towers-ahead-of-amt-baa3-bbb-bbb-lease-lapse

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Deal potentially being announced today; it was first reported on back in July (see prior bullet). Deal amount is small (~0.1x) compared to Verizon leverage.

• BBG sources reporting that Verizon is close to selling 6,339 mobile phone towers to Vertical Bridge in a deal valued at around USD 3.3bn that is to be announced today.
• Verizon would enter a 10-year lease-back agreement with the option to extend for up to 50 years.
• Vertical Bridge, a private communications infrastructure firm, owns over 11,000 towers and 500,000 sites.
• Verizon is exploring ways to raise cash, following its recent acquisition of Frontier Communications for USD 20bn.
• Prior bullet on the sale; https://marketnews.com/reports-verizon-baa1-bbb-a-to-sell-towers-ahead-of-amt-baa3-bbb-bbb-lease-lapse