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Vinson & Elkins: The Sale & Purchase Agreements & Master Lease Agreements that underpin tower transactions


A closer look at two important parts of the contractual framework for infrastructure sharing

The devil is in the detail – the detail of painstakingly constructed and hard negotiated Sale and Purchase Agreements (SPAs) and Master Lease Agreements (MLAs) that define the main terms in any tower transaction. Jeff Eldredge and Rob Dixon, Partners at Vinson & Elkins, have advised on over ten sale and leaseback transactions in the last couple of years in countries such as the DRC, Ghana, Nigeria, South Africa and Tanzania. Rob and Jeff kindly agreed to meet with TowerXchange and to provide us with an overview of tower sharing SPAs and MLAs.

TowerXchange: What are the key components of a Sale and Purchase Agreement (SPA) in a tower transaction?

Rob Dixon:

There are of course many components common to all SPAs, but let’s concentrate on those components which are unique to towers deals.


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