SBA Communications is exploring a potential sale after receiving preliminary takeover interest, according to sources. The tower operator and owner is in early-stage discussions with large infrastructure funds circling the company, though no deal is certain. Representatives declined to comment.

A sale would be significant given SBA's $18.7 billion market value and $34 billion enterprise value including debt. This follows a record year for large take-privates, including Electronic Arts' $55 billion sale and AES Corp.'s $33 billion acquisition. SBA operates 46,000 wireless sites primarily in the US but also in Latin America and Africa.

The company's 20% annual share decline suggests market uncertainty. This development could reshape the wireless infrastructure sector if finalized.