AMERICAN TOWER AND MILLICOM INTERNATIONAL CELLULAR ANNOUNCE THE SALE OF PASSIVE TOWER INFRASTRUCTURE IN COLOMBIA

AMERICAN TOWER AND MILLICOM INTERNATIONAL CELLULAR ANNOUNCE THE SALE OF
PASSIVE TOWER INFRASTRUCTURE IN COLOMBIA

 

Boston, Massachusetts and Stockholm, Sweden - July 18, 2011: American
Tower Corporation (“American Tower”) (NYSE: AMT), and Millicom
International Cellular S.A. ("Millicom") (Stockholmsbörsen: MIC), today
announced that Millicom's subsidiary, Colombia Móvil S.A. E.S.P.
(“Colombia Móvil”), has agreed to sell up to 2,126 towers to a
to-be-formed Colombian subsidiary of American Tower (“ATC Infraco”) for
US$182 million in cash. Through a Millicom subsidiary, Millicom and
Colombia Móvil's other shareholders will have an option to acquire an
indirect, substantial minority equity interest in ATC Infraco.

Further, to support Colombia Móvil's wireless network and future
deployment plans, Colombia Móvil and ATC Infraco will enter into a long
term leasing agreement and build-to-suit agreement, whereby ATC Infraco
will provide Colombia Móvil with wireless communications towers. The
transaction is expected to create savings in both capital and operating
expenditures for Colombia Móvil.

James Taiclet, Chairman, President and Chief Executive Officer of
American Tower, said: "This transaction solidifies our first partnership
with Millicom and improves upon our current economies of scale in
Colombia. As our customers in Colombia continue their focus on deploying
wireless data networks, we believe our collocation model provides them
with significant value through capex savings and time to market
advantages. As a result, we believe this transaction further enhances
our ability to maximize our market opportunity in Colombia."

Mikael Grahne, President and Chief Executive Officer of Millicom, said:
“We are pleased to announce our first tower deal in Latin America. This
agreement confirms our commitment to outsourcing passive infrastructure,
and is entirely consistent with our strategy of improving both our
capital and operating efficiency by focusing on our core activities of
sales, marketing, branding, distribution, service innovation and
customer care, and this makes even more sense in a large country such as
Colombia. We are pleased that Colombia Móvil will be able to rely on the
strong operational credentials of American Tower, which is firmly
establishing itself in the Colombian market.”

The towers are expected to be transferred in a series of closings
beginning during the fourth quarter of 2011, subject to customary
closing conditions.

Millicom Contacts:
François-Xavier Roger, Chief Financial Officer
Telephone:  +352 27 759 327

Emily Hunt, Investor Relations
Telephone:  +44 7779 018 539

American Tower Contact:
Leah Stearns Director, Investor Relations
Telephone: +1 617 375 7500