Verizon Communications Inc. Eyes $6 Billion Tower Deal
Verizon Communications Inc. (NYSE: VZ) hired an investment bank to help unload its network of cell phone towers in a deal that could be worth $6 billion, according to a report Tuesday.
Verizon is working on a plan with banker TAP Advisors LLC to include 12,000 towers and may announce a deal within 60 days, Bloomberg says.
Verizon's Chief Financial Officer, Francis J. Shammo, told investors last week that the company is considering the move in the wake of a similar $4.83 billion deal last year by AT&T Inc. (NYSE: T).
AT&T sold Crown Castle International Corp. (NYSE: CCI) 600 towers in December, along with leasing rights to an additional 9,100 towers.
Crown Castle's Chief Financial Officer, Jay A. Brown, said last week at an investor conference that his company has told Verizon it's interested in a deal.
Verizon was unchanged in the extended session and closed Tuesday at $49.91 a share, down 0.5 percent.
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