NII Holdings, which operates under the Nextel brand in Latin America, has completed two previously announced deals to sell various communications sites to American Tower Corporation.
The firm sold 1,483 communications sites in Mexico to American Tower for MXN $4.95 billion (US $374.3 million). As part of the transaction, Nextel Mexico agreed to lease back the communications sites from American Tower for a minimum 12-year initial lease term and has the option to extend the lease for additional renewal periods.
NII expects to complete the sale of the remaining communications sites in Mexico that were agreed to be sold once closing conditions are met. The firm remains on track to close the sale of communications sites in Brazil by the end of the year for sites that have satisfied the necessary conditions.