Millicom rises on deal to sell 7,000 towers to SBA Communications
28/10/2024 22:29
** Shares of telecom firm Millicom International
Cellular TIGO.O rise 7.0% to $29.75 in aftermarket trading
** TIGO says it has entered into an agreement with wireless
tower operator SBA Communications SBAC.O to sell and leaseback
a tower portfolio of about 7,000 towers in Central America for
~$975 mln
** The companies have also announced an agreement under which
SBAC will build up to 2,500 additional sites for TIGO
** "By monetizing non-core assets, we are optimizing our
operational and capital efficiency, positioning the company for
sustainable growth and long-term value creation," Millicom CEO
Marcelo Benitez said
** J.P. Morgan and Lazard Freres acted as financial advisers
to Millicom and Goldman Sachs acted as financial adviser to SBA
** The transaction is expected to close in mid-2025 — TIGO
** Up to last close, stock had risen ~54% YTD
(Reporting by Jaspreet Singh in Bengaluru)
((mailto:Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))