 "Verizon, Verizon fiber optics")
The sale is anticipated to shut by the tip of 2024 and would assist Verizon’s efforts to drive down tower-related prices. , Picture: Wikimedia Commons
Verizon Communications will promote 1000’s of cell phone towers to digital infrastructure agency Vertical Bridge in a $3.3 billion deal, it mentioned on Monday, unlocking extra cash for the dominant US wi-fi service to bolster its community.
The deal, masking 6,339 towers throughout all 50 US states and Washington DC, contains upfront money proceeds of $2.8 billion. The towers will likely be leased again to Verizon for 10 years, with an possibility to increase the time period as much as 50 years.
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The sale is anticipated to shut by the tip of 2024 and would assist Verizon’s efforts to drive down tower-related prices.
The wi-fi service already has a tie-up with Vertical Bridge, underneath which the infrastructure agency plans to assemble towers with Verizon because the anchor tenant.
Vertical Bridge, which operates as an actual property funding belief, has greater than 500,000 websites within the US that features wi-fi and broadcast towers. It additionally has partnerships with firms together with AT&T and T-Cellular US.
“(This deal) positions us to capitalize on the rising demand for wi-fi infrastructure, particularly as AI-driven applied sciences and 5G proceed to reshape connectivity wants throughout industries,” Vertical Bridge Vice Chairman Marc Ganzi mentioned.
DigitalBridge, a digital-focused asset supervisor and majority proprietor of Vertical Bridge, together with funding group CDPQ, have dedicated to supply capital to help the transaction.
Verizon had mentioned earlier this month it might purchase fiber-optic web supplier Frontier Communications in an all-cash deal value $20 billion.
JP Morgan is the monetary advisor to Verizon and Jones Day is the authorized counsel. Centerview Companions LLC is the monetary advisor to Vertical Bridge and Greenberg Traurig the authorized counsel.
(Solely the headline and movie of this report might have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)
First Revealed: Sep 30 2024 | 6:55 pm ist
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