Deal potentially being announced today; it was first reported on back in July (see prior bullet). Deal amount is small (~0.1x) compared to Verizon leverage.

• BBG sources reporting that Verizon is close to selling 6,339 mobile phone towers to Vertical Bridge in a deal valued at around USD 3.3bn that is to be announced today.

• Verizon would enter a 10-year lease-back agreement with the option to extend for up to 50 years.

• Vertical Bridge, a private communications infrastructure firm, owns over 11,000 towers and 500,000 sites.

• Verizon is exploring ways to raise cash, following its recent acquisition of Frontier Communications for USD 20bn.

• Prior bullet on the sale; https://marketnews.com/reports-verizon-baa1-bbb-a-to-sell-towers-ahead-of-amt-baa3-bbb-bbb-lease-lapse