However, the deal will delay Verizon's ability to achieve its leverage target. Credit rating agency Fitch expects Verizon's leverage ratio to be around 2.3 times by the time it closes the Frontier acquisition next year. It will then jump back up into the mid-2.0 times range before steadily falling back toward its long-term target.

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 over at least 10 years.

Ron Bizick, president and CEO of Vertical Bridge, said that the deal was the largest U.S. tower transaction in nearly a decade.

Verizon’s stock was rising toward a two-year high Monday, after the telecommunications company announced deal valued at $3.3 billion to lease out its wireless-communications towers.