Verizon nears deal to sell towers to Vertical Bridge, Bloomberg News reports

(Reuters) – Verizon Communications (NYSE:VZ) is in advanced talks to sell thousands of mobile phone towers to digital infrastructure firm Vertical Bridge, Bloomberg News reported on Monday, citing people familiar with the matter.

The transaction, which can be announced as soon as Monday, could value the 6,339 towers at about $3.3 billion, the report said.

Under the terms being discussed, Verizon would enter into a 10-year agreement to lease back capacity on the towers from Vertical Bridge, with an option to extend the term up to 50 years, according to the report.

Verizon and Vertical Bridge did not immediately respond to Reuters’ requests for comment.