Verizon Communications has reportedly mandated TAP Advisors to assist in the sale of its network’s assets including mobile towers. Earlier this month, CFO Fran Shammo was quoted as saying that the US’ largest carrier could offload some of its network…
Verizon Communications has reportedly mandated TAP Advisors to assist in the sale of its network’s assets including mobile towers.
Earlier this month, CFO Fran Shammo was quoted as saying that the US’ largest carrier could offload some of its network assets and that the idea had been inspired by AT&T’s US$4.85bn sale of some of its towers to Crown Castle last year.
Verizon CEO Lowell McAdam had also reportedly said, a few months back, that the company would be open to selling some of its towers at the right price, adding that the US incumbent had received preliminary offers at inadequate valuations two years ago.
Reports have suggested that a sale or leaseback of Verizon’s towers could fetch around US$6bn. According to Bloomberg citing people familiar with the situation, the asset package to be sold could be announced before the end of the year and would include about 12,000 towers.
Verizon has a substantial debt load since its acquisition of Vodafone’s 45% stake in Verizon Wireless for US$130bn earlier this year.
The operator declined to comment, while TAP Advisors did not respond to a request for comment.
TAP Advisors was mandated by sellers in two major US tower deals: AT&T’s US$4.8bn sale of more than 9,000 towers; and T-Mobile US’ sale of 7,200 towers, also to Crown Castle, for US$2.4bn in December 2012.
