American Tower and Verizon ink new tower deal
American Tower and Verizon have signed a new 'overarching' lease agreement.
Under the terms of the expanded partnership, Verizon can continue its on-going 5G network deployment across American Tower’s US portfolio of communications sites.
“This agreement represents another key milestone and an extension of our decades-long strategic partnership with Verizon,” said Steve Vondran, president – US tower division, American Tower Corporation.
“We look forward to supporting Verizon as they continue their accelerated and efficient 5G network build-out by utilising our distributed nationwide portfolio of high-quality communications sites.”
The agreement includes a simplified and efficient leasing process using a contractual framework that according to both companies will drive 'mutual growth and value over a multi-year period'.
“Verizon continues to build and run the networks that drive innovation, digitisation and technological advancements that are changing our world," said Heidi Hemmer, senior vice president of engineering at Verizon.
"Efficient, long-term strategic partnerships with our vendors are critical to continue advancing the industry forward and providing the network our customers have come to rely on.”
The news builds on a long-standing agreement between the companies, 2015 saw American Tower acquire the rights to 11,324 towers and purchase roughly 165 additional towers from Verizon for $5 billion in cash.
At the time of the transaction, American Tower held the exclusive right to lease and operate the Verizon towers for approximately 28 years as well as fixed price purchase options to acquire the towers at the end of the lease terms.