Verizon and SBA Communications have penned a long-term tower agreement to support the expansion of the network's 4G and 5G services in the US.

In the announcement this week, Verizon noted that the agreement will also drive significant cost certainty.

The carrier also added that the agreement will enable it to be flexible in managing its current infrastructure asset portfolio and deploying new technologies.

"This new structure provides the framework we need to more efficiently manage our network portfolio, efficiently build out our network, stay nimble with future advancements, and deliver a secure, high-quality connection our customers can count on to power the moments that matter. It’s a strategic step that benefits our customers and our business," said Phillip French, vice president of engineering at Verizon.

SBA stated that its partnership with Verizon will enable the carrier to expand its network to more parts of the country. It operates more than 17,400 telecom towers across the US, and 44,000 globally.

In August, SBA struck a deal with investment firm CVC DIF to sell its Canadian tower business for CA$446 million ($316m).