Colombia’s trade and industry watchdog SIC has requested additional information from telco TigoUne and American Tower Corporation regarding their mobile tower sale agreement, so the deal can be assessed and approved, according to BN Americas.
The SIC said it received a transaction request whereby TigoUne, a unit of Luxembourg-based Millicom, would sell 1,207 telecom towers to AMT. The transaction was announced in July and involves the transfer of U.S.$147 million in cash.
The SIC gave the involved parties 10 days to provide all the information needed to carry out an analysis of the potential transaction before it is approved, should it be acceptable. The regulator will also receive comments from external parties regarding the transaction for 15 days, reported newspaper El Tiempo.
This is the second telecom tower sale that Millicom has signed this year. In April, the group’s Tigo Paraguay unit also agreed to sell 1,400 wireless communications towers to AMT for the equivalent of U.S.$125 million in cash.
The transaction comes at a time when Colombia’s telecom industry is going through a rough patch, as the sector has contracted 1.8 percent in the last 18 months, BN Americas reported.
September 25, 2017