Vertical Bridge has completed its $3.3 billion acquisition of more than 6,000 towers from Verizon. As part of the acquisition, Vertical Bridge, which is a subsidiary of digital infrastructure investor Digital Bridge, will lease, operate, and manage more than 6,300 wireless communications towers across all 50 states from subsidiaries of Verizon.
“The close of this transaction marks a transformative milestone for Vertical Bridge, solidifying us as the partner of choice in the US communications infrastructure industry. These under-tenanted towers, many in hard-to-site locations, uniquely position us to expand vertical real estate solutions to our customers,” said Ron Bizick, president and CEO of Vertical Bridge. “With the addition of these towers, Vertical Bridge looks forward to growing our partnership with all our tenants.”
Verizon has previously sold tower assets, notably in 2015, when it parted the rights to lease and operate about 11,000 towers to American Tower Corp. for an upfront payment of $5bn. That deal allowed Verizon to raise funds for spectrum and pay down debt.
