Verizon is considering selling thousands of U.S. cell phone towers, according to a report.
AInvestMonday, Jul 15, 2024 9:40 pm ET
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Verizon Communications, the largest US wireless carrier, is considering selling thousands of cell phone towers across the country, according to people familiar with the matter.

Verizon, based in New York, has hired consultants to assess potential buyers’ interest in about 5,000 to 6,000 towers, said the people, who spoke on the condition of anonymity because of confidential information. The sale could bring in more than $3bn, one of the people said.

The discussions are in their early stages and there is no guarantee that a sale will happen, said one of the people. A representative for Verizon declined to comment.

In 2015, Verizon sold the right to lease and operate about 11,000 towers to American Tower Corp. for $5bn, as part of a deal that helped Verizon raise money to buy radio spectrum and pay off debt.

The expected auction is likely to attract interest from infrastructure companies and strategic buyers, said the people.

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