Tigo El Salvador to sell and lease back towers to SBA Communications Corporation for approximately $145 million
Clients Telemóvil El Salvador S.A. de C.V.
Jones Day is advising Telemóvil El Salvador S.A. de C.V. ("Tigo El Salvador"), a subsidiary of Millicom International Cellular S.A., in the sale of up to approximately 800 wireless communications towers to a subsidiary of SBA Communications Corporation ("SBA"). As a result of the transaction, Tigo El Salvador will receive approximately US$145 million in cash. Additionally, Tigo El Salvador and SBA will enter into a long-term leasing agreement whereby SBA will provide Tigo El Salvador with wireless communications towers to support Tigo El Salvador's wireless networks and rollout plans. The specific number of towers and final purchase price will be determined once the various closings have taken place, which are subject to customary closing conditions.