SBA Communications has inked what it describes as its largest build-to-suit (BTS) agreement in more than 20 years. The deal, signed with Millicom in October 2024, will see up to 800 new towers constructed in 2025, of which around 500 are earmarked for Central America.
The announcement came alongside SBA Communications ’s confirmation that it will acquire approximately 7,000 towers from Millicom in the region, a move that will bring its pro forma site count in Central America to over 10,500, establishing the company as the region’s largest tower operator.
The newly constructed towers are expected to be delivered under long-term, U.S. dollar-denominated lease agreements with Millicom, one of Central America’s leading mobile network operators. SBA Communications views the combination of scale and currency-linked cash flows as a critical advantage amid a broader strategic pivot toward markets with high growth potential and manageable risk exposure.
SBA Communications reported ownership or operation of 39,715 sites globally—17,463 in the U.S. and its territories, 3,692 in Africa, 18,560 in the Americas. Over the course of 2024, the company acquired 186 sites, built 482 towers, and decommissioned or sold 537. With the upcoming BTS programme, discretionary capex is projected to approach US$1.3 billion in 2025.
This build programme coincides with SBA’s continued reshuffling of its international portfolio. On 10 January 2025, SBA completed the sale of its 169 Philippine towers and related assets. On 20 February, it entered into an agreement to sell its approximately 200 Colombian sites—an exit from a hyper-competitive market with more than 15 towercos and limited room for SBA Communications to scale.
SBA Communications' President and CEO Brendan Cavanagh has clarified the company’s approach: “When we’re in a subscale position and don’t see a path to scale or other limitations on a market’s future performance, we will consider an exit.” He emphasised that exiting markets is not SBA’s preferred course of action, but that “scale and alignment with leading carriers” remain core to their investment thesis.
The Central American build-to-suit deal with Millicom signals SBA’s intention to double down on growth markets where it can achieve operational scale and stable returns—reaffirming its position as a selective but active player in the evolving Latin American tower landscape.
