Infrastructure company Vertical Bridge is set to pay US carrier Verizon $3.3 billion for the exclusive rights to lease, operate, and manage more than 6,000 towers across America.

The announcement follows speculation over the summer that Verizon was looking to find potential buyers for its tower assets.

Vertical Bridge, which is a subsidiary of digital infrastructure investor Digital Bridge, will have access to 6,339 towers across all 50 US states and Washington D.C once the deal is complete.

Verizon stated the transaction is structured as a prepaid lease with an upfront payment of approximately $2.8bn in cash.

The agreement will last for 10 years and will see Verizon lease back capacity on the towers from Vertical Bridge, serving as the anchor tenant, with options that could extend this lease term up to 50 years.

According to Verizon, it will also have access to additional space on the towers for future use, subject to certain restrictions.

The telco said the agreement is designed to bring down its tower-related costs and "provide greater vendor diversity in a concentrated industry."

Verizon chairman and CEO Hans Vestberg said: “This transaction builds on our existing relationship with Vertical Bridge while realizing substantial value for this unique set of assets and allows us to be agile in optimizing the network with one of the best operating partners."

Marc Ganzi, CEO of DigitalBridge and vice chairman of Vertical Bridge, added: “This transaction not only solidifies our leadership in the tower space but also strategically positions us to capitalize on the growing demand for wireless infrastructure, especially as AI-driven technologies and 5G continue to reshape connectivity needs across industries."

Vertical Bridge owns and master leases more than 11,000 towers across the US. The company is one of the biggest tower operators in the US.

The deal is expected to be finalized by the end of this year.

Verizon has previously sold tower assets, notably in 2015.

At the time, it parted the rights to lease and operate about 11,000 towers to American Tower Corp. for an upfront payment of $5bn. That deal allowed Verizon to raise funds for spectrum and pay down debt.