Millicom, SBA Communications agree to long-term partnership in Central America

Millicom International Cellular (TIGO) announces that it has entered into an agreement with SBA Communications Corporation (SBAC) to sell and leaseback a tower portfolio of approximately 7,000 towers in Guatemala, Honduras, Panama, El Salvador and Nicaragua for a total consideration of approximately $975M , plus an earn-out contingent on achieving certain financial performance metrics. In addition, the parties have agreed to into a build-to-suit agreement under which SBA Communications will build up to 2,500 additional sites, further solidifying the partnership. Marcelo Benitez, Chief Executive Officer of Millicom, commented, “We are pleased to partner with SBA Communications in this landmark tower transaction, a key element of Millicom’s strategy to unlock shareholder value. By monetizing non-core assets, we are optimizing our operational and capital efficiency, positioning the company for sustainable growth and long-term value creation. This agreement with SBA Communications strengthens our position as the leading mobile network operator in the region. We are committed to continue building and expanding our mobile coverage to empower communities, foster innovation and create new opportunities for economic development.”