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Verizon agrees to $3.3 billion tower prepaid lease transaction with Vertical Bridge

December 2024

Client(s) Verizon Communications, Inc.

Jones Day advised Verizon Communications, Inc. in the prepaid lease transaction with Vertical Bridge REIT LLC. In connection with the transaction, Vertical Bridge obtained the exclusive rights to lease, operate and manage more than 6,000 wireless communications towers across all 50 states and Washington, D.C. from subsidiaries of Verizon for a total value of approximately $3.3 billion, including certain commercial benefits. The transaction was structured as a prepaid lease with upfront proceeds of approximately $2.8 billion in cash.

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