However, the deal will delay Verizon's ability to achieve its leverage target. Credit rating agency Fitch expects Verizon's leverage ratio to be around 2.3 times by the time it closes the Frontier acquisition next year. It will then jump back up into the mid-2.0 times range before steadily falling back toward its long-term target.

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.

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’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.

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.

Verizon and broadband tower company Vertical Bridge signed a 10-year lease deal worth $3.3 billion. The agreement gives Vertical Bridge exclusive rights to more than 6,000 towers in the U.S. from subsidiaries of Verizon.