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 (NYSE: VZ) pays a towering dividend. The telecom giant's payout yields more than 6%, making it the highest-yielding member of the Dow Jones Industrial Average (and a top-10 payer in the S&P 500).

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.

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.

The deal, covering 6,339 towers across all 50 US states and Washington D.C., includes upfront cash proceeds of $2.8 billion. The towers will be leased back to Verizon for 10 years