Simpson Thacher is representing funds and investment vehicles managed by affiliates of DigitalBridge Group, Inc. in connection with a $3.3 billion tower transaction between DBRG’s portfolio company Vertical Bridge REIT LLC ("Vertical Bridge") and Verizon Communications Inc. Under the transaction, Vertical Bridge will obtain the exclusive rights to lease, operate and manage 6,339 wireless communications towers across all 50 states and Washington, D.C. from subsidiaries of Verizon for approximately $3.3 billion, including certain commercial benefits. The transaction is structured as a prepaid lease with upfront proceeds of approximately $2.8 billion in cash. Closing is subject to customary closing conditions.
DigitalBridge, a leading global alternative asset manager dedicated to investing in digital infrastructure, is the co-founder and majority owner of Vertical Bridge, and has committed capital to support the transaction. CDPQ, a global investment group and an important shareholder of Vertical Bridge since 2019, also committed capital to finance this transaction.
The Simpson Thacher team includes Gabriel Silva, Keegan Lopez and Gabriela Astolphi (M&A); Parker Kelsey and Nick Brown (Funds); Brian Gluck, Michael Ratay, Constantine Valettas and Jackie Song (Financing); Andrew Purcell and Brian Mendick (Tax).