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.
“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.