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Wednesday, September 17, 2014

Verizon open to divesting cell tower assets -CFO, (NYSE: VZ)

Verizon Communications Inc is open to divesting its network's assets including its cell towers, the company's chief financial officer said on Wednesday.Verizon, which in February completed a $130 billion deal to purchase Vodafone's stake in Verizon Wireless and get full ownership over the company, has previously announced plans to trim some aspects of its portfolio.CFO Fran Shammo said the company was inspired by rival AT&T's $4.85 billion sale of some of its towers to tower operator Crown Castle last year, a deal which preserved AT&T's right to lease and operate the towers for about 28 years."The AT&T deal was a good deal for them. It opened our eyes and we said 'OK, maybe there is a way to get through this and protect our interest and get a deal that is palatable to us'," Shammo told investors at a conference in Los Angeles, adding that Verizon wants to protect its ability to expand its network when necessary.

Verizon Communications Inc. (Verizon) is a holding company. Shares of VZ traded higher by 0.62% or $0.305/share to $49.26. In the past year, the shares have traded as low as $45.45 and as high as $53.66. On average, 13116100 shares of VZ exchange hands on a given day and today's volume is recorded at 6913740.