Jones Day advised Millicom on $145 million infrastructure sale to SBA

Jones Day acted for telecom company Millicom and its El Salvador subsidiary on the sale of up to 800 communications towers to SBA Communications.

SBA Communications Corporation is a independent owner and operator of wireless communications infrastructure across North, Central and South America. The company is headquartered in Boca Raton, Florida, and listed on NASDAQ.

Millicom is a provider of cable and mobile services dedicated to emerging markets in Latin America and Africa through its Tigo brand. Its subsidiary in El Salvador, Telemóvil El Salvador (Tigo El Salvador), will receive $145 million in cash as a result of the transaction.

In an announcement, Millicom said the agreement is set to create savings in both capital and operating expenditures for Tigo El Salvador, the exact number of towers and the final purchase price have yet to be determined and is subject to the usual closing conditions.

Partners Nicholas E. Rodriguez and Brian Sedlak led the Jones Day team advising both Millicom and Tigo.