A team of Foley lawyers represented SBA Communications Corporation, a leading independent owner and operator of wireless communications infrastructure, in an agreement valued at $973 million to purchase Pacific Gas and Electric Company’s (PG&E) portfolio of license agreements for cellular installations on more than 700 PG&E electric transmission towers in Northern California. The transaction also allows SBA to market and sublicense access to the towers and structures to additional wireless providers. Additionally, the agreement includes a strategic marketing relationship between SBA and PG&E involving an additional 28,000 PG&E towers.
Through the transaction, SBA has added a significant portfolio of locations to its existing macro tower footprint and has strengthened its industry leading position in 5G network deployments. SBA expects to generate approximately $39.5 million in first-year Tower Cash Flow through the transaction.
The Foley team was led by partners Jason Allen and John Dunlap, and also included partners Larry Bonney, John Melko and Tony Tootell, and of counsel Brian Wanek.