On September 30, 2024, Verizon Communications Inc. and Vertical Bridge announced a US$3.3 billion (C$4.5 billion) agreement granting Vertical Bridge exclusive rights to lease, operate, and manage 6,339 wireless towers across the U.S. from Verizon subsidiaries. Structured as a prepaid lease, the deal includes US$2.8 billion (C$3.8 billion) in upfront cash proceeds. Verizon will enter a 10-year leaseback agreement, with options to extend the term up to 50 years, retaining access to tower space for future network needs. The transaction enables Verizon to streamline tower-related costs and diversify vendor relationships in a concentrated sector. Vertical Bridge, already a joint venture partner with Verizon in build-to-suit deployments, significantly expands its portfolio and market presence. CDPQ (Caisse de dépôt et placement du Québec), a key investor in Vertical Bridge since 2019, played a pivotal role in financing the deal, reaffirming its commitment to digital infrastructure. DigitalBridge, the majority owner of Vertical Bridge, also contributed capital to support the acquisition. The transaction, the largest U.S. tower deal in nearly a decade, is expected to close by year-end 2024, pending customary approvals.

J.P. Morgan served as financial advisor to Verizon, with Jones Day as legal counsel. Centerview Partners LLC advised Vertical Bridge, with legal counsel from Greenberg Traurig. Simpson Thacher & Bartlett represented DigitalBridge, while Mayer Brown LLP acted as legal counsel to CDPQ.