Verizon struck a deal to give infrastructure company Vertical Bridge exclusive rights to operate, lease and manage more than 6,000 towers for $3.3 billion, as part of the US operator’s efforts to drive down costs and raise capital to invest in its network.

Under the terms of the deal, Vertical Bridge will obtain access to 6,339 towers across all 50 US states and Washington DC, paying $2.8 billion upfront in cash.

Verizon will then enter into a ten-year agreement to lease back capacity on the towers from Vertical Bridge, with options to extend the term up to 50 years. The US operator will also have access to certain additional space on the towers for future use, subject to certain restrictions.

The operator explained the agreement supports its efforts to lower tower-related costs and “provide greater vendor diversity in a concentrated industry”.

Hans Vestberg, Verizon CEO and chair (pictured), added as the nation’s largest mobility provider, it is well positioned “with greater financial flexibility to invest in our business and return value to shareholders”.

Counterpart at Vertical Bridge, Ron Bizick said the deal is “the largest US tower transaction in almost a decade” and is a significant step for the company.

The transaction is expected to close by the end of 2024, subject to customary conditions.