Millicom announces LatAm tower sale and leaseback deal with SBA

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Millicom International Cellular, a provider of fixed and mobile telecommunications services in Latin America, has announced a tower sale agreement with SBA Communications Corporation (SBA), an independent owner and operator of wireless communications infrastructure.

More precisely, the agreement calls for the sale and leaseback of a tower portfolio of approximately 7,000 towers in Guatemala, Honduras, Panama, El Salvador and Nicaragua. The deal involves a total consideration of approximately US$975 million, plus an earn-out contingent on achieving certain financial performance metrics.

The parties have also agreed to enter into a build-to-suit agreement under which SBA Communications will build up to 2,500 additional sites, further solidifying the partnership.

A US-headquartered company, SBA has operations and offices throughout the Americas, Africa and Asia.

The transaction is subject to regulatory approvals and other closing conditions and is expected to close in mid-2025.

The partnership with SBA Communications is a key element of Millicom’s strategy to unlock shareholder value. As Marcelo Benitez, Chief Executive Officer of Millicom, explains: “By monetizing non-core assets, we are optimising our operational and capital efficiency, positioning the company for sustainable growth and long-term value creation. ”

The deal also benefits SBA, of course. As Brendan Cavanagh, President & Chief Executive Officer of SBA Communications, points out: “As a result of this transaction and the strength of our existing portfolio, SBA Communications will be the leading tower company across all of Central America .” He adds: “We are excited to support Millicom as a leading mobile network operator in advancing their network goals and enhancing connectivity throughout the region.”

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Millicom announces LatAm tower sale and leaseback deal with SBA

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