Vertical Bridge will obtain the exclusive rights to lease, operate and manage the portfolio of 6,339 towers for about $3.3 billion, according to a statement on Monday that confirmed earlier Bloomberg News reporting.

Under terms of the deal, Verizon has entered into a 10-year agreement to lease back capacity on the towers, which are located in all 50 states and Washington, D.C., from Vertical Bridge. Verizon has an option to extend the term up to 50 years.

“This transaction builds on our existing relationship with Vertical Bridge while realizing substantial value for this unique set of assets and allows us to be agile in optimizing the network with one of the best operating partners,” Verizon Chairman and Chief Executive Officer Hans Vestberg said in the statement.

The deal has been structured as a prepaid lease with upfront proceeds of roughly $2.8 billion in cash. Caisse de Depot et Placement du Quebec, which has been a shareholder of Vertical Bridge since 2019, has committed capital to finance the transaction.

Bloomberg News reported in July that Verizon was exploring a sale of the towers and that the assets could draw interest from infrastructure firms.

Telecom giants have from time to time turned to their mobile-phone towers as a way to raise cash. Verizon agreed in September to acquire Frontier Communications Parent Inc. in a deal valued at $20 billion including debt.

Founded in 2014, Vertical Bridge is a private owner and operator of communications infrastructure and locations in the US. Its portfolio of over 500,000 sites includes more than 11,000 owned and master-leased towers.

JPMorgan Chase & Co. is acting as financial adviser to Verizon and Centerview Partners is working with Vertical Bridge.