Vertical Bridge Completes $3.3B Tower Deal with Verizon

Vertical Bridge REIT, LLC, the largest private owner and operator of communications infrastructure in the United States, has closed its previously announced transaction with Verizon Communications Inc. (“Verizon”), providing Vertical Bridge the exclusive rights to lease, operate, and manage more than 6,300 wireless communications towers across all 50 states from subsidiaries of Verizon for approximately $3.3 billion, including certain commercial benefits.

“The close of this transaction marks a transformative milestone for Vertical Bridge, solidifying us as the partner of choice in the U.S. 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.”

 Advisors

Centerview Partners LLC served as financial advisor to Vertical Bridge and Greenberg Traurig acted as legal counsel. J.P. Morgan acted as financial advisor to Verizon and Jones Day acted as legal counsel.

Vertical Bridge REIT, LLC, headquartered in Boca Raton, Florida, was founded in 2014 and is the largest private owner and operator of communications infrastructure and locations in the United States, with a portfolio of more than 500,000 sites, including over 17,000 owned and master-leased towers. Vertical Bridge provides build-to-suit and colocation solutions to the wireless industry. The Company’s portfolio spreads across all 50 states and Puerto Rico.

In 2020, Vertical Bridge became the first tower company in the world to achieve the CarbonNeutral® company certified status and has been recertified every year since.