Verizon Communications will give infrastructure firm Vertical Bridge rights to lease, operate and manage thousands of mobile phone towers for $3.3 billion, it said on Monday, unlocking more cash for the U.

Verizon Communications, the biggest wireless carrier in the US, is in advanced talks to sell thousands of mobile phone towers to digital infrastructure firm Vertical Bridge, people familiar with the matter said.

The deal, covering 6,339 towers across all 50 US states and Washington D.C., includes upfront cash proceeds of $2.8 billion. The towers will be leased back to Verizon for 10 years

U.S. wireless carrier Verizon Communications will give digital infrastructure firm Vertical Bridge exclusive rights to lease, operate and manage thousands of mobile phone towers in a $3.3 billion deal,

Verizon Communications reached a $3.3 billion deal to sell thousands of wireless communications towers across the country to Vertical Bridge and lease them back over at least 10 years.

Verizon’s stock was rising toward a two-year high Monday, after the telecommunications company announced deal valued at $3.3 billion to lease out its wireless-communications towers.

The deal, covering 6,339 towers across all 50 U.S. states and Washington D.C., includes upfront cash proceeds of $2.8 billion. The towers will be leased back to Verizon for 10 years, with an option to extend the term up to 50 years.

Verizon (VZ 0.04%) pays a towering dividend. The telecom giant's payout yields more than 6%, making it the highest-yielding member of the Dow Jones Industrial Average (and a top-1

Verizon Communications will sell thousands of mobile phone towers to digital infrastructure firm Vertical Bridge in a $3.3 billion deal, it said on Monday, unlocking more cash for the dominant U.S. wireless carrier to bolster its network.