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Verizon Hires TAP Advisors to Plan Sale of Assets


 Verizon

Verizon has hired investment bank TAP Advisors LLC to plan a sale of its network’s assets including its cell towers, according to a source familiar with the matter.

Chief Financial Officer Fran Shammo told Reuters on Sept. 17 that Verizon is open to divesting its network’s assets

Verizon was inspired by rival AT&T’s $4.85 billion sale of some of its towers to tower operator Crown Castle last year, Shammo said.

A sale or leaseback of the towers similar to AT&T’s deal at $500,000 per site could raise $6 billion in liquidity, Macquarie Securities analyst Kevin Smithen wrote in a note.

“We believe there could be multiple bidders for this asset but believe the potential sale of the last sizeable U.S. tower asset could explain why CCI has not announced a capital return strategy to date,” Smithen said.

The assets for sale would include about 12,000 towers and could be announced by year-end, according to a Bloomberg report.

 

Reuters

 

Ivan Castilho
About the Author

Ivan Castilho is an entrepreneur and long-time Apple user since 2007, with a background in management and marketing. He holds a degree in Management and Marketing and multiple MBAs in Digital Marketing and Strategic Management. With a natural passion for music, art, graphic design, and interface design, Ivan combines business expertise with a creative mindset. Passionate about technology and innovation, he enjoys writing about disruptive trends and consumer tech, particularly within the Apple ecosystem.

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