CVC DIF Secures Acquisition of SBA Communications' Canadian Towers

Deal News | Aug 05, 2025 | Dutch Infrastructure Fund BV

CVC DIF, the infrastructure investment arm of global private markets manager CVC, has announced a definitive agreement to acquire SBA Communications' Canadian wireless tower business. Established in 2009, SBA Communications Canada is an influential player in the independent wireless tower market with approximately 500 sites strategically placed across Canada's urban, suburban, and rural locations. The deal is expected to close by the fourth quarter of 2025, contingent upon regulatory approvals. This acquisition stands to bolster CVC DIF's portfolio with a diversified set of high-growth assets, providing critical support for the expansion of 5G and broadband networks throughout Canada. For SBA Communications, this divestiture aligns with its strategic focus on core markets and offers an opportunity to unlock value for shareholders. The acquisition is facilitated by a team of financial, legal, and technical advisors, including TD Securities and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Sectors

Communications Infrastructure
Private Equity

Geography

Canada – The acquisition directly involves the Canadian market, as SBA Communications' tower sites are located within the country.
United States – SBA Communications, the selling company, is based in the United States, adding a cross-border element to the transaction.

Industry

Communications Infrastructure – The article focuses on the acquisition of wireless communication towers, critical infrastructure supporting mobile and data services.
Private Equity – CVC DIF's investment strategy as a private equity firm is central to the article, highlighting its acquisition and growth-focused initiatives.

Financials

Approximately 500 sites – The number of wireless communication sites in SBA Communications' Canadian tower portfolio.

Participants

Name	Role	Type	Description
SBA Communications	Target company	Company	SBA Communications is a leading independent owner and operator of wireless communications towers involved in the divestment of its Canadian operations.
CVC DIF	Bidding company	Company	CVC DIF is the infrastructure-focused investment strategy of CVC, acquiring SBA Communications' Canadian tower business.
TD Securities	Financial advisor	Company	TD Securities is acting as the financial advisor to CVC DIF for this transaction.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.	Legal advisor	Company	Mintz provides legal advisory services to CVC DIF in the acquisition process.
EY-Parthenon	Commercial advisor	Company	EY-Parthenon is serving as the commercial advisor to CVC DIF.
Leo Berwick	Financial and tax advisor	Company	Leo Berwick is advising CVC DIF on financial and tax matters.
Saras Partners	Technical advisor	Company	Saras Partners is offering technical advisory support for the transaction.
Arcadis	Environmental advisor	Company	Arcadis provides environmental advisory services to ensure compliance and sustainability in the acquisition.
Brendan Cavanagh	Commentator	Person	Chief Executive Officer of SBA Communications offering insights into the strategic rationale behind the sale.
Tom Goossens	Commentator	Person	Partner and Co-Head of the DIF Infrastructure fund strategy at CVC DIF providing comments on the strategic importance of the acquisition.