Verizon in $3.3 billion mobile tower deal with infrastructure firm Vertical Bridge

(Reuters) -U.S. wireless carrier Verizon Communications (NYSE:VZ ) will give digital infrastructure firm Vertical Bridge exclusive rights to lease, operate and manage thousands of mobile phone towers in a $3.3 billion deal, the companies said on Monday.

The deal includes 6,339 wireless communication towers across all 50 states and Washington DC from the subsidiaries of Verizon.

Vertical Bridge, which operates as a real estate investment trust, has more than 500,000 sites in the United States that includes wireless and broadcast towers.



The Florida-based REIT was co-founded by Alex Gellman in 2014. It has partnerships with companies including AT&T (NYSE:T ) and T-Mobile US (NASDAQ:TMUS ).

Verizon had earlier said in September it would buy fiber-optic internet provider Frontier Communications (OTC:FTRCQ ) in an all-cash deal worth $20 billion.

Source: Investing.com