Thursday, September 25, 2014

Verizon Hires TAP Advisors to Help With Tower Sale

Recently, Verizon announced that they would be interested in selling their towers in a deal similar to AT&T’s with Crown Castle. Interest has turned into action as the company has hired TAP Advisors, a New York boutique investment bank, to work on a tower sale and leasing agreement, according to Bloomberg. While Crown Castle, American Tower, and SBA Communications have all been acquiring towers at a steady pace, Eric Jhonsa at Seeking Alpha believes that the rising debt loads produced by these purchases could make one or more of those companies respond cautiously to Verizon’s move. It’s been reported that selling their assets could bring in about $6 billion for Verizon, based on the price per tower that AT&T got in their deal last year. Continue reading here

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