Verizon May Seek Buyer for 6,000 Towers
Verizon has hired advisers as it looks to sell a package of up to 6,000 towers, Bloomberg reported Tuesday, citing unnamed sources. The package could reportedly bring in more than $3 billion. In 2015, Verizon sold the rights to lease…
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and operate 11,000 towers to American Tower for an upfront payment of $5 billion (see 1502050059). The rumored price is too low, New Street’s Philip Burnett told investors: “We suspect this price is based on Verizon and AT&T’s tower sales a decade ago. Based on recent transactions and market [comparisons], we estimate the assets could sell for close to three times the rumored deal value.”