NII Holdings Announces Closing Of Sale Of Communications Sites In Brazil
RESTON, Va., Dec. 9, 2013 /PRNewswire/ -- NII Holdings, Inc. [NASDAQ: NIHD], a provider of differentiated mobile communication services operating under the Nextel brand in Latin America, today announced the completion of the previously announced transaction to sell certain communications sites in Brazil to American Tower Corporation [NYSE: AMT]. As part of the transaction, the Company sold 1,940 communications sites to American Tower for total proceeds of BRL$813.8 million, which is equivalent to USD$348 million 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.
The agreement with American Tower provides for a post-closing adjustment period, after which the Company will recognize the sale of the sites and any associated gain, which will be recognized over the lease term. At that time, the Company expects to record a capital lease liability of up to $240 million relating to the sale of the Brazil communications sites. The Company expects to complete the sale of the remaining communications sites in Brazil and Mexico that were agreed to be sold once the applicable closing conditions are met.
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