NII Holdings, Inc. (NASDAQ: NIHD) said it has sold certain communications sites in Brazil to American Tower Corp. (NYSE: AMT).
As part of the transaction, the company sold 1,940 communications sites to American Tower for total proceeds of BRL813.8m, which is equivalent to USD348m based on current foreign currency exchange rates.
As part of the transaction, Nextel Brazil 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 Holdings, based in Reston, Va., provides differentiated mobile communication services for businesses and high value consumers in Latin America. NII, operating under the Nextel brand in Brazil, Mexico, Argentina and Chile, offers fully integrated wireless communications tools with digital cellular voice services, data services, wireless Internet access and Nextel Direct Connect and International Direct Connect(SM), a digital two-way radio. Visit the company´s website at www.nii.com.