SBA Communications is selling its Canadian wireless tower business (SBA Canada) to CVC’s infrastructure business for C$446m (€280.1m).
CVC DIF is buying SBA Canada, a business comprising 369 towers and its associated operations in Canada.
CVC DIF’s investment is being made through DIF Infrastructure VIII, a core-plus fund aiming to raise €6bn.
The infrastructure fund, which targets a net internal rate of return of at least 10%, has a global strategy focused on Europe and North America.
Tom Goossens, partner and co-head of the DIF Infrastructure fund strategy at CVC DIF, said: “The acquisition of SBA Canada represents a significant investment in critical digital mobile tower infrastructure.
“SBA Canada’s diversified high-quality tower portfolio, long-term customer relationships and proven development capabilities make it a valuable addition to CVC DIF’s fund portfolio. We look forward to supporting the Company’s continued growth and helping to accelerate connectivity across Canada.”
Brendan Cavanagh, chief executive officer of SBA Communications, said: “This transaction aligns with our long-term strategic goal of focusing on our core markets, while realising substantial value for this unique set of assets in Canada and allowing us to reinvest proceeds for the benefit of our shareholders.”
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