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Millicom International Cellular Completes First Latin American Deal
Paul, Weiss has advised Millicom International Cellular S.A. and its Colombian subsidiary, Colombia Móvil, on the sale of more than 2,100 telecommunications towers to a to-be-formed Colombian subsidiary of American Tower Corporation for US$182 million in cash, marking Millicom's first tower deal in Latin America. Through a Millicom subsidiary, Millicom and Colombia Móvil's other shareholders will have an option to acquire an indirect, substantial minority equity interest in American Towers' Colombian operations.
Further, to support Colombia Móvil's wireless network and future deployment plans, Colombia Móvil and American Tower will enter into a long-term leasing agreement and build-to-suit agreement, whereby American Tower will provide Colombia Móvil with wireless communications towers. The transaction is expected to create savings in both capital and operating expenditures for Colombia Móvil. The towers are expected to be transferred in a series of closings beginning in the fourth quarter of 2011.
The Paul, Weiss team included corporate partner Bruce A. Gutenplan and real estate partner Mitchell L. Berg.