Millicom International Cellular announced that its subsidiary Telemovil El Salvador has agreed to sell up to approximately 800 wireless communications towers to a subsidiary of SBA Communications in El Salvador.
As a result of the transaction, Tigo El Salvador will receive approximately US$145 million in cash. Additionally, the two companies have entered into a long-term agreement whereby SBA will provide Tigo El Salvador with wireless communications towers to support the company's wireless networks and rollout plans.
The transaction is expected to create savings in both capital and operating expenditures for Tigo El Salvador. 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.