Winston & Strawn served as legal counsel to Millicom International Cellular S.A. in a $975 million agreement with SBA Communications Corporation to sell and lease back a portfolio of approximately 7,000 telecommunications towers across Central America. The deal, spanning towers in Guatemala, Honduras, Panama, El Salvador and Nicaragua, also includes a build-to-suit component, where SBA Communications will construct up to 2,500 additional sites for Millicom, deepening the collaboration between the two companies.
The Winston & Strawn team, led by Nicholas E. Rodriguez, partner in Miami/New York; Louis Savage, partner in Houston and Adam Lanza. Associate in New York, played a key role in navigating the legal complexities of the cross-border transaction, supporting Millicom’s strategy to monetize non-core assets and enhance its position as a leading mobile network provider in Central America.
“We are pleased to partner with SBA Communications in this landmark tower transaction, a key element of Millicom’s strategy to unlock shareholder value,” Marcelo Benitez, CEO of Millicom, said in a press release. The sale-and-leaseback arrangement not only provides Millicom with significant capital but also reinforces its commitment to building and expanding mobile coverage across Central America.
Expected to close in mid-2025, pending regulatory approvals, the transaction aligns with Millicom’s mission to increase connectivity in underserved areas, driving economic development and empowering communities.
Alongside Winston & Strawn’s legal guidance, J.P. Morgan and Lazard Freres served as financial advisors to Millicom. SBA Communications was advised by Goldman Sachs with legal counsel from Paul, Weiss, Rifkind, Wharton & Garrison.
