Jones Day has advised Millicom International Cellular S.A. and its subsidiary Telefonica Celular del Paraguay S.A. (“Tigo Paraguay”) in the sale of approximately 1,400 wireless communications towers to a subsidiary of American Tower Corporation (“ATC”) in Paraguay.
As a result of the transaction, Tigo Paraguay will receive approximately Gs700 billion, equivalent to US$125 million, in cash.
Additionally, Tigo Paraguay and ATC have entered into a long term local currency leasing agreement whereby ATC will provide Tigo Paraguay with wireless communications towers to support Tigo Paraguay’s wireless networks and rollout plans.
The transaction is expected to create savings in both capital and operating expenditures for Tigo Paraguay. 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.
Millicom is a leading telecom and media company dedicated to emerging markets in Latin America and Africa. Millicom sets the pace when it comes to providing innovative and customer-centric digital lifestyle services through its principal brand, Tigo. Millicom employs about 18,000 people and provides mobile services to more than 57 million customers, with a Cable footprint of more than 8.1 million homes passed. Founded in 1990, Millicom International Cellular SA is headquartered in Luxembourg and listed on NASDAQ OMX Stockholm under the symbol MIC. In 2016, Millicom generated revenue of USD 6.25 billion and Adjusted EBITDA of USD 2.22 billion.
Jones Day has advised Millicom on the deal with a team led by Nicholas Rodriguez and S. Wade Angus.
Law Firms: Jones Day;
Clients: Millicom International Cellular S.A.;