Inside Vertical Bridge’s US$1.5bn raise: from Verizon towers acquisition to KKR deal
KKR last month announced a US$1.5bn preferred equity investment into US private towerco Vertical Bridge, concluding a deal process that TMT Finance has tracked in real time since 2024.
The investment confirmed a TMT Finance exclusive from earlier in April. Existing sponsors DigitalBridge and La Caisse also participated, according to the press release.
The transaction concludes a capital raise process dating back to 2024, which evolved following Vertical Bridge’s US$3.3bn acquisition of Verizon’s [NYSE, Nasdaq: VZ] 6,339-tower portfolio in late 2024.
Over the course of 22 months, TMT Finance published eight exclusive reports containing more than 20 proprietary data points ahead of public confirmation, including bidder identities, bid deadlines, valuation expectations, advisor mandates and evolving financing structures.
Update reported by TMT Finance | TMT Finance report date | Publicly confirmed / elsewhere reported | Time difference |
|---|---|---|---|
Initial Vertical Bridge capital raise process | |||
Vertical Bridge exploring initial capital raise of c.US$1bn | 20-Jun-24 | Final raise confirmed by company on 22-Apr-26 | 671 days earlier |
Centerview Partners hired to advise on raise | 24-Jun-24 | Confirmed by company press release on 22-Apr-26 | 667 days earlier |
Parallel Verizon tower acquisition process | |||
Verizon considering monetisation of tower portfolio | 24-Jun-24 | Bloomberg reported on 16-Jul-24 | 22 days earlier |
JPMorgan hired as sellside advisor on Verizon tower process | 24-Jun-24 | Confirmed by deal announcement on 30-Sep-24 | 98 days earlier |
Vertical Bridge identified among interested parties in Verizon tower process | 25-Jul-24 | Confirmed by deal announcement on 30-Sep-24 | 67 days earlier |
Verizon tower sale NBO and BO offer timelines revealed | 04-Sep-24 | Not publicly reported elsewhere | Exclusive |
Vertical Bridge named among bidders ahead of binding offers | 04-Sep-24 | Confirmed by deal announcement on 30-Sep-24 | 26 days earlier |
Centerview identified as buyside advisor on Vertical Bridge’s Verizon bid | 04-Sep-24 | Confirmed by deal announcement on 30-Sep-24 | 26 days earlier |
Vertical Bridge’s post-Verizon tower acquisition capital raise evolution | |||
Vertical Bridge’s capital raise strategy shifts following Verizon acquisition | 26-Mar-25 | Not publicly reported elsewhere | Exclusive |
Revised fundraising target of approximately US$1.5bn reported | 27-Feb-26 | Confirmed by company press release on 22-Apr-26 | 54 days earlier |
Preferred equity financing structure identified | 27-Feb-26 | Confirmed by KKR on 22-Apr-26 | 54 days earlier |
Other parties involved in late-stage discussions identified | 27-Feb-26 | Not publicly reported elsewhere | Exclusive |
KKR identified in advanced talks as final investor | 15-Apr-26 | Confirmed by company press release on 22-Apr-26 | 7 days earlier |
TMT Finance first reported in June 2024 that Delray Beach, Florida-based Vertical Bridge was working with Centerview Partners to raise around US$1bn.
At the same time, TMT Finance revealed that Verizon had hired JPMorgan to explore the monetisation of a tower portfolio valued at around US$3bn. TMT Finance subsequently identified Vertical Bridge among the interested parties in July, and as a bidder ahead of binding offers in September, before the company ultimately secured the assets in a US$3.3bn transaction announced later in September 2024.
Following the acquisition, TMT Finance reported in March 2025 that Vertical Bridge’s raise had shifted in focus, with plans to raise closer to US$1.3bn and syndicate down a portion of the investment made in Verizon’s towers.
Ultimately, TMT Finance reported in February 2026 that funds were in talks for a potential US$1.5bn investment, including a significant preferred equity component. In April, TMT Finance reported that KKR was nearing a deal, culminating in the now-announced investment.
The announcement confirmed Centerview’s role advising Vertical Bridge, alongside Simpson Thacher & Bartlett LLP as Vertical Bridge’s legal advisor. Barclays and Houlihan Lokey served as financial advisors to KKR, and Kirkland & Ellis LLP served as KKR’s legal advisor.
TMT Finance subscribers can read our full, exclusive reporting on this deal via our intelligence platform.
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