American Tower and Millicom International Cellular Announce the Sale of Passive Tower Infrastructure in Colombia for $182M

American Tower Corporation AMT and Millicom International Cellular S.A. today announced that Millicom's subsidiary, Colombia Móvil S.A. E.S.P. has agreed to sell up to 2,126 towers to a to-be-formed Colombian subsidiary of American Tower for US$182 million in cash. Through a Millicom subsidiary, Millicom and Colombia Móvil's other shareholders will have an option to acquire an indirect, substantial minority equity interest in ATC Infraco. Further, to support Colombia Móvil's wireless network and future deployment plans, Colombia Móvil and ATC Infraco will enter into a long term leasing agreement and build-to-suit agreement, whereby ATC Infraco will provide Colombia Móvil with wireless communications towers. The transaction is expected to create savings in both capital and operating expenditures for Colombia Móvil.