Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.
Three patterns show up across SBA Communications's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the deals below are the evidence.
12 acquisitions. Each entry carries the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.
On April 27, 2006 SBA acquired 100% of AAT Communications Corp from AAT Holdings, LLC II. AAT owned 1,850 tower sites across the United States, giving SBA a nationwide operating platform. SBA paid $634.0 million in cash and issued 17,059,336 shares of Class A common stock valued at approximately $392.7 million. approximately $634.0 million cash plus 17,059,336 Class A shares (~$392.7 million).
The acquisition provides the Company with a nationwide platform to pursue its asset growth strategy and allows the Company to leverage its fixed overhead costs.SBA Communications — FY2006 Form 10-K, Acquisitions note
On September 16, 2008 a SBA subsidiary merged with Optasite Holding Company Inc., which owned 528 tower sites across 31 states, Puerto Rico and the U.S. Virgin Islands plus about 38 managed sites. SBA issued 7.25 million Class A shares to Optasite securityholders, assumed Optasite's fully-drawn $150 million senior credit facility and assumed roughly $26.9 million of additional liabilities. approximately $433.3 million.
On October 20, 2008 a SBA subsidiary acquired Light Tower Wireless, LLC, the wireless infrastructure subsidiary of Light Tower LLC. At closing Light Tower owned 340 wireless communications towers, five managed sites and five distributed antenna system (DAS) networks - SBA's first experience offering DAS service. approximately $224.0 million cash.
During 2008 SBA acquired 423 completed towers and related assets from TowerCo LLC, part of a total of 587 towers SBA bought from various sellers that year. This is a separate, earlier transaction from SBA's 2012 acquisition of TowerCo II Holdings LLC. The consideration for the 2008 TowerCo LLC towers was not separately disclosed.
On April 2, 2012 SBA (through subsidiary SBA Monarch Acquisition, LLC) acquired equity interests of specified entities affiliated with Mobilitie LLC. Those entities owned 2,281 towers, with 36 more in development, across the U.S. and Central America, plus indoor and outdoor DAS assets in Chicago, Las Vegas, New York City and Auburn, Alabama. approximately $1.1 billion.
On October 1, 2012 SBA completed the acquisition of TowerCo II Holdings LLC, which owned 3,256 tower sites across 47 U.S. states and Puerto Rico. The transaction followed an Agreement and Plan of Merger dated June 25, 2012. $1.2 billion cash plus 4,588,840 Class A shares.
On December 20, 2012 SBA acquired 800 freestanding wireless towers in Brazil from Vivo S.A. (Telefonica's Brazilian operator). The purchase price was paid on January 4, 2013 from cash on hand and revolving-credit borrowings. This was SBA's entry into Brazilian tower ownership at scale. approximately $175.9 million.
On November 26, 2013 SBA acquired the exclusive rights to use 2,113 towers in Brazil from Oi S.A., one of Brazil's largest telecom providers. The land underneath these towers sits on a Brazilian federal concession that expires in 2025.
On March 31, 2014 SBA acquired 2,007 towers in Brazil from Oi S.A., under a definitive agreement SBA had entered into in December 2013. The purchase was made entirely in cash. $673.9 million cash.
On December 1, 2014 SBA acquired an additional 1,641 towers in Brazil from Oi S.A., paid entirely in cash. It was the third SBA-Oi tower transaction and further consolidated SBA's Brazilian tower position. $463.2 million cash.
During 2025 SBA purchased over 7,000 communication sites from Millicom International Cellular S.A. (Tigo) across Central America - Guatemala, Honduras, Panama, El Salvador and Nicaragua - with the final closings completed in October 2025. The FY2025 10-K attributes 7,110 acquired towers to the Millicom transaction. Alongside the purchase SBA agreed to a long-term leaseback and a seven-year exclusivity right to build up to 2,500 build-to-suit sites for Millicom in Central America, each with a 15-year initial lease term. approximately $1.0 billion.
This transaction supports our desire to secure our position as a leader in our international markets and align ourselves with the leading carriers in such markets.SBA Communications — FY2025 Form 10-K, Business section
Subsequent to fiscal year-end 2025, SBA closed on an acquisition of the rights to the land underneath approximately 3,900 communication sites in Guatemala for $109.0 million, securing the ground position beneath a large part of its Central American portfolio. It was disclosed as a subsequent event in SBA's FY2025 10-K (filed February 2026).