Verizon Communications Inc. (VZ), is in advanced talks with Vertical Bridge, a wireless communication infrastructure firm, to sell

Verizon Communications Inc., 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.

Verizon Communications reached a $3.3 billion deal that gives Vertical Bridge the exclusive rights to lease, operate and manage thousands of wireless communications towers across the country from Verizon subsidiaries.

Under the terms, Verizon will enter into a 10-year agreement 1 to lease back capacity on the towers from Vertical Bridge, serving as the anchor tenant, with options that could extend the lease term up to 50 years.