BOCA
RATON, Fla., Dec. 23,
2024 /PRNewswire/ -- Vertical Bridge REIT, LLC
("Vertical Bridge"), the largest private owner and operator of
communications infrastructure in the
United States, today announced that it has closed its
previously announced transaction with Verizon Communications Inc.
("Verizon") (NYSE, NASDAQ: VZ), 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.
About Vertical Bridge
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. For more
information, please visit www.verticalbridge.com.
Forward-Looking Statements
In this communication we
have made forward-looking statements. These statements are based on
our estimates and assumptions and are subject to risks and
uncertainties. Forward-looking statements include the information
concerning our possible or assumed future results of operations.
Forward-looking statements also include those preceded or followed
by the words "anticipates," "assumes," "believes," "estimates,"
"expects," "forecasts," "hopes," "intends," "plans," "targets" or
similar expressions. For those statements, we claim the protection
of the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995. We undertake no
obligation to revise or publicly release the results of any
revision to these forward-looking statements, except as required by
law. Given these risks and uncertainties, readers are cautioned not
to place undue reliance on such forward-looking statements.
Media Contact
Vertical Bridge
Blair Crawford
209-482-2030
Blair.Crawford@verticalbridge.com
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SOURCE Vertical Bridge