SBA Communications Corporation (NasdaqGS:SBAC) and Paradigm Infrastructure Limited signed an agreement to acquire Tower Portfolio from airtel TANZANIA LIMITED for approximately $180 million on June 2, 2021. The consideration of $157.5 million is payable on the first closing date with the balance payable in instalments upon the completion of the transfer of any remaining towers. SBA Communications and Paradigm Infrastructure completed the first closing of Tower Portfolio from Airtel Tanzania plc on January 5, 2022. The consideration for the transaction is $176.1 million of which $159 million is paid on the first closing and the balance payable in instalments upon the completion of the transfer of remaining towers. Airtel Africa's subsidiary in Tanzania will continue to develop, maintain and operate its equipment on the towers under separate lease arrangements. The first closing is expected to take place in the second half of the Group's current financial year. As of August 2, 2021, the transaction is expected to complete by the end of the first quarter of 2022. As of November 1, 2021, Airtel Tanzania transaction will close in stages starting in the fourth quarter of 2021 and SBA Communications Corporation expects the transaction to be consummated by the end of the second quarter of 2022. Around $60 million from the proceeds will be used to invest in network and sales infrastructure in Tanzania and for distribution to the Government of Tanzania, as per the settlement described in the Airtel Africa IPO Prospectus document published in June 2019. The balance of the proceeds will be used to reduce debt at Group level.

Gautam Saha and Amrita Patnaik of AZB & Partners acted as legal advisors to the shareholders of airtel TANZANIA LIMITED. Oliver Stacey and Chris Viner of Norton Rose Fulbright acted as the legal advisors to SBA Communications Corporation and Paradigm Infrastructure Limited.