Telecommunications group Millicom International Cellular S.A. on Monday said its unit Colombia Móvil has agreed to sell up to 2,126 towers to American Tower Corp for $182 million in cash.
The towers are expected to be transferred beginning during the fourth quarter of 2011, the companies said in a statement.
American Tower’s to-be-formed Colombia unit, ATC Infraco, will also enter into long term leasing, build-to-suit deals, to provide Colombia Móvil with wireless communications towers.
Wireless tower companies like American Tower, SBA Communications and Crown Castle International have been looking to emerging markets as they try to counter saturating demand in domestic markets.
American Tower shares were down 1 percent in early trade on Monday on the New York Stock Exchange.