Verizon Communications and Vertical Bridge Deal

(Reuters) – U.S. wireless carrier Verizon Communications (NYSE:VZ) has announced a $3.3 billion agreement granting digital infrastructure firm Vertical Bridge exclusive rights to lease, operate, and manage thousands of mobile phone towers.

Deal Details

The deal involves 6,339 wireless communication towers across all 50 states and Washington, D.C., sourced from Verizon’s subsidiaries.

About Vertical Bridge

Vertical Bridge, a real estate investment trust (REIT), operates over 500,000 sites in the United States, which include wireless and broadcast towers. Founded in 2014 by Alex Gellman, the Florida-based REIT partners with companies such as AT&T (NYSE:T) and T-Mobile US (NASDAQ:TMUS).

Recent Developments

In September, Verizon announced its plan to acquire fiber-optic internet provider Frontier Communications (OTC:FTRCQ) in a $20 billion all-cash deal.