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Millicom International Cellular to Sell Tower Portfolio to Helios Towers Africa
Practices
Paul, Weiss client Millicom International Cellular S.A. announced on December 3 that its subsidiary, Millicom Tanzania Limited (Tigo Tanzania), has agreed to sell approximately 1,020 towers to Helios Towers Tanzania (HTT), a direct subsidiary of Helios Towers Africa.
The transaction, expected to close in the second quarter of 2011, will provide Tigo Tanzania with at least $80 million of cash up front while retaining a significant interest in HTT. Additionally, Tigo Tanzania and HTT will enter into a long-term leasing agreement at closing whereby HTT will provide Tigo Tanzania with access to wireless communications towers and a build-to-suit agreement to support the company's wireless network expansions.
The Paul, Weiss team representing Millicom includes real estate partner Mitch Berg and corporate partner Bruce Gutenplan.