Yahoo Finance Verizon signs deal with Vertical Bridge for rapid expansion of new cell towers
Agreement creates new profit share model while speeding deployment of 4G and 5G Ultra Wideband service
NEW YORK, May 09, 2023 (GLOBE NEWSWIRE) -- Verizon and Vertical Bridge have entered into an agreement to build cell towers across the US to expand Verizon’s 4G and 5G Ultra Wideband services. Vertical Bridge has agreed to construct these towers to-suit with Verizon as the anchor tenant. The towers will be held in an LLC formed by Vertical Bridge in which Verizon has a profits interest. The new towers will add to the overall communications infrastructure in the US, and will help to fulfill the need for new locations where towers do not exist today to continue to enhance the wireless experience.
“Our new agreement with Vertical Bridge is an excellent alternative to the traditional tower leasing model. This cost-effective, sustainable and efficient model will allow us to accelerate our build program and provide additional services to customers,” said Lynn Cox, Chief Engineering Officer for Verizon. “We continue to focus on technology innovation and fast deployment to enable greater connectivity for our customers.”
“This new model, designed to deliver value for both parties, is a demonstration of strong collaboration and mutual benefit between a carrier and a tower company to accelerate infrastructure development in the US,” said Ron Bizick, President and CEO, Vertical Bridge. “We are committed to rapidly building the infrastructure needed to drive the wireless telecommunications industry forward.”
The comprehensive solution at scale provides an outstanding opportunity to deliver value and meet Verizon’s wireless infrastructure needs for years to come.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $136.8 billion in 2022. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.
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Karen Schulz
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Karen.schulz@verizonwireless.com
