On October 16, 2025, SBA Communications Corp. completed the sale of its Canadian wireless tower business (SBA Canada) to CVC DIF, the dedicated infrastructure investment strategy of global private markets manager CVC, for $446 million. The investment in SBA Canada was made through DIF Infrastructure VIII, a core-plus fund. The acquisition represents a significant investment in critical digital mobile tower infrastructure in Canada.
Established in 2009, SBA Canada represents one of the largest independent wireless tower portfolios in Canada, owning and operating a diversified portfolio of approximately 500 owned and managed wireless communication sites strategically located across high-growth urban, suburban, and rural markets, including 369 towers and SBA's related operations in the country. The portfolio is underpinned by long-term contracts featuring escalation mechanisms and long-duration site control, and plays a prominent role in supporting the expansion of next generation 5G and broadband networks for Canadian mobile network operators and connectivity providers.
Goodmans LLP advised SBA Communications on the transaction with a team led by Michael Partridge, supported by Duncan Lurie and Olivia Oliveros Leiva (Corporate), Jess Bishop (Technology), Ken Saddington (Tax), David Nadler (Banking), Michael Koch (Telecommunications), and Josh Zelikovitz (Regulatory). Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as legal counsel to CVC DIF. Pinpoint Capital Advisors acted as exclusive financial advisor to SBA Communications, and TD Securities served as financial advisor on the deal.
