BLP Legal and Jones Day advised on the transaction
Millicom International Cellular’s subsidiary Telemovil El Salvador S.A. de C.V. (“Tigo El Salvador”) has agreed to sell up to approximately 800 wireless communications towers to a subsidiary of SBA Communications Corporation (“SBA”) 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.
BLP Legal advised Telemóvil El Salvador S.A. de C.V. with a team including Ricardo Cevallos (Picture), Marcella Romero, Fernando Farrar, José Gochez and Claudia Meléndez.
In US, Jones Day advised Telemóvil El Salvador S.A. de C.V. with Nicholas E. Rodríguez and Brian L. Sedlak.