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The Latin America’s towerco sector is undergoing a period of significant transformation, driven by both strategic acquisitions and substantial infrastructure investments. Operators and infrastructure providers are quickly adapting to the region’s increasing demand for connectivity, particularly as the 5G rollout looms and thecdrive for digital inclusion intensifies across underserved areas. Alongside this, there has been a rise in mergers, acquisitions, and divestitures, all of which are reshaping the telecom landscape.
In February 2025 Telefónica sold its Argentine division to Telecom Argentina for US$1.245bn, as part of its ongoing strategy to reduce its presence in Latin America. Earlier in 2025, Telefónica’s Peruvian unit filed for bankruptcy protection, and reports suggest the company is also considering selling its assets in Mexico and Colombia to reduce its debt and focus on investments in 5G technology.
Highline, backed by Digital Bridge, raised 2.3 billion reais (approximately US$378mn) to support the construction of mobile phone towers across Brazil. This marks the company’s largest fundraising to date, positioning it to strengthen its infrastructure, particularly in rural and underserved areas. Highline’s commitment to expanding 4G and 5G coverage plays a central role in Brazil’s broader efforts to modernise its telecom infrastructure, especially with financing from the Telecommunications Services Universalisation Fund (Fust).
Brazil Tower Company also raised R$625mn (US$109mn) through a debenture Over the past year, the America Movil carve-out SITES uilt 1,526 new sites, gaining operational control and ongoing process optimisation. In addition, the company secured 1,143 new co-locations across the various regions where it operates. By the end of the fourth quarter of 2024, SITES reported an organic growth of 460 new sites compared to the previous quarter.
SBA Communications has also made significant strides in the region with the acquisition of 7,000 telecom towers from Millicom for US$975mn. This deal considerably strengthens SBA’s position in Central America, focusing on high-growth markets such as Guatemala, Honduras, Panama, El Salvador, and Nicaragua. The acquisition is a crucial step in SBA’s strategy to expand its global footprint and diversify its portfolio of telecom infrastructure assets.
Meanwhile, a bold new partnership between Claro, part of the América Móvil group, and SpaceX’s Starlink is set to transform internet access in Colombia. This collaboration, which aims to provide high-speed satellite internet to remote regions, marks Claro as the first operator in Colombia to offer such services, enhancing digital connectivity for businesses in underserved areas. of the country. A similar deal has been struck by Entel and Starlink in Chile.
Also in Colombia, the telecom market continues to evolve, with Tower One Wireless, a Canadian-based operator, expanding its presence by activating four new telecom
towers in rural regions of Tolima, Antioquia, Huila, and Córdoba. This expansion highlights the growing focus on bridging the connectivity gap in rural areas, ensuring
that underserved regions benefit from enhanced digital access.
In Brazil, Oi continues its efforts to restructure and reduce its debt, transferring several telecom towers and properties to American Tower Corporation (ATC) as part of a deal valued at approximately US$7.5mn. This divestiture underscores the ongoing consolidation in Brazil’s telecom sector as companies focus on streamlining operations.
The expansion of mobile and tower infrastructure is not limited to Brazil and Colombia, as other countries are also witnessing significant activity. In Mexico, the landscape continues to shift with companies like MX Towers and Movistar making strategic moves to consolidate assets.
MX Towers acquired 200 towers and 1,800 km of metro fibre from Movistar, further solidifying its position in Mexico’s telecom market, which is preparing for an intense 5G rollout. Telefónica, one of the largest telecom operators in LATAM, is reportedly considering the sale of its Peruvian subsidiary in the coming months, potentially one of the most significant strategic decisions the company has made in South America in recent decades. According to multiple sources, meetings have been taking place since late last year to expedite the sale. However, the appointment of Marc Murtra as Telefónica’s new chairman could influence this decision, potentially delaying or altering the company’s strategy.
On the regulatory front, the LATAM region is preparing for the 5G spectrum auctions, with Colombia leading the charge in the December 2023 auction. These auctions will accelerate network deployments, with major operators such as Tigo, Movistar, and Claro all preparing to invest in the infrastructure necessary for the next-generation network.
Macroeconomic stability in the Southern Cone is improving, with Paraguay achieving investment-grade status in 2024, joining Uruguay, which has held this status for several years. Meanwhile, in Chile, the bankrupt telecom operator WOM has attracted interest from major industry players, including América Móvil and Telefónica, who are exploring the potential joint acquisition of WOM’s assets. The Chilean startup, which filed for bankruptcy, has reorganised its executive structure and reached an agreement with creditors. This move is being closely watched as it could influence the telecom landscape in Chile, with América Móvil and Telefónica evaluating the potential to bolster their positions in the market.
The LATAM telecom sector is at a pivotal juncture, with infrastructure development, strategic acquisitions, and regulatory changes all playing vital roles in shaping the region’s telecom landscape. As telecom companies and infrastructure providers navigate this evolving market, the demand for enhanced connectivity—driven by the 5G rollout, infrastructure modernisation, and the need to serve underserved areas—continues to grow. This guide explores these dynamic trends, shedding light on the most important developments shaping the future of telecom in Latin America.
In July 2024, a major shift in Latin America’s telecommunications landscape was set in motion as Millicom and Telefónica entered into a definitive agreement for the acquisition of Telefónica’s controlling equity stake in Coltel, Colombia’s largest telecom operator. The transaction, valued at $400 million, subject
to adjustments, marks a significant consolidation in the industry, reflecting growing trends toward strengthening infrastructure and expanding digital inclusion across the region. Once completed, the acquisition will create a stronger telecom entity capable of meeting the increasing demand for connectivity and technological advancements, particularly in underserved areas.
Figures included in the report:
1. Breakdown of ownership of Latin America's telecom towers
2: Estimated tower counts of select towerco markets
3: Latin America's top tower companies
4: Footprints of Latin America's towercos
5: Argentina – estimated tower count
6: Bolivia – estimated tower count
7: Brazil – estimated tower count
8: Chile – estimated tower count
9: Colombia – estimated tower count
10: Costa Rica – estimated tower count
11: Ecuador – estimated tower count
12: El Salvador – estimated tower count
13: Guatemala – estimated tower count
14: Mexico – estimated tower count
15: Nicaragua – estimated tower count
16: Panama – estimated tower count
17: Paraguay – estimated tower count
18: Peru – estimated tower count
19: The Caribbean - estimated tower count
20. Major tower transactions in Latin America since 2011
