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Millicom International Cellular Announces Deal in Ghana
- Client News
- January 25, 2010
Practices
Today, firm client Millicom International Cellular, S.A., announced that its wholly owned subsidiary in the country of Ghana, Millicom Ghana Company Limited, has entered into a sale and purchase agreement to sell approximately 750 telecommunications towers to Helios Towers Ghana, a direct subsidiary of Helios Towers Africa, in a transaction which includes Millicom Ghana retaining a significant minority interest in Helios Towers Ghana.
This transaction includes a long-term leasing agreement whereby Helios Towers Ghana will provide Millicom Ghana with wireless communications towers and a build-to-suit agreement and site services and management agreement to support Millicom Ghana wireless networks. This is the first significant sale-leaseback transaction of telecommunications towers in Africa. The specific number of towers and final purchase price will be determined pursuant to a rolling closing process with the first closing of the transaction, subject to customary closing conditions, expected to take place in approximately 90 days.
The Paul, Weiss team representing Millicom in the transaction includes corporate partner Bruce A. Gutenplan; real estate partner Mitchell L. Berg; and tax partner Peter J. Rothenberg.