Investment firm CVC DIF has announced it will acquire SBA Communications' Canadian tower business.

SBA noted in its earnings call report for Q2 earlier this week that it had agreed to sell the tower unit for CA$446 million ($323m).

The sale of SBA Canada includes 369 towers and SBA's related operations in the market. SBA said it expects the transaction to complete during the fourth quarter.

CVC DIF said its investment in SBA Canada will be made through DIF Infrastructure VIII.

SBA Communications set up its Canadian unit in 2009, with sites across urban, suburban, and rural parts of the country.

“The acquisition of SBA Canada represents a significant investment in critical digital mobile tower infrastructure," said Tom Goossens, partner and co-head of the DIF Infrastructure fund strategy at CVC DIF.

"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.”

Earlier this year, SBA struck a deal to sell its towers in Colombia.

SBA adds 4,300 sites during Q2, site rental revenue up 5.3 percent

For the second quarter, SBA reported that it acquired 4,329 communication sites, including 4,323 sites from the previously announced Millicom transaction, for total cash consideration of $562.9 million.

In October, SBA Communications agreed to acquire 7,000 telecom towers from Millicom International Cellular for $975 million. That particular sale-leaseback deal covers towers in Guatemala, Honduras, Panama, El Salvador, and Nicaragua.

During the quarter, SBA also built 94 towers during the second quarter of 2025.

The company now owns and operates 44,065 sites, with 17,437 in the US and the remaining 26,628 located internationally.

SBA posted $631.8m site rental revenue for the quarter, up 5.3 percent year-on-year (YoY), while net income hit $225.7m, up 66.2 percent YoY.

“Domestic activity remained very strong in the second quarter as our carrier customers continued to invest meaningfully in their wireless networks," said Brendan Cavanagh, president and chief executive officer, SBA Communications.

"New US leasing business signed up during the quarter was ahead of our expectations and benefited from continued high levels of new colocations. The results of our services business also reflect the significant level of network investment we are seeing, with construction volumes continuing to grow sequentially over the first quarter. Internationally, we also saw solid new leasing activity, and our company-wide total of new colocations executed during the quarter was the highest in nearly three years."

CVC is advised by TD Securities (financial advisor), Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. (legal advisor), EY-Parthenon (commercial advisor), Leo Berwick (financial and tax advisor), Saras Partners (technical advisor), and Arcadis (environmental advisor).