Subject: [NEXTEL-1] NII Holdings sells base stations to American Tower for US$100mn

From: Marcel <[email-masked]>
Date: Wed, 11 Dec 2002 19:44:05 -0500

NII Holdings sells base stations to American Tower for US$100mn
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NII Holdings sells base stations to American Tower for US$100mn

December 11, 2002 6:13pm

Regional digital trunking operator NII Holdings has agreed to sell 535 of its base stations in Mexico to US-based wireless tower owner and administrator American Tower Corporation (NYSE: AMT) for US$100mn, American Tower said Tuesday in a statement.

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Under the terms of the agreement, American Tower will make available up to 250 additional cell sites for NII Holdings' incremental network buildout, of which at least 100 cell sites must be co-locations on American Tower's existing towers.

The other 150 cell sites, if not co-located on American Tower's existing towers, will be part of a build-to-suit program, which American Tower expects to be completed over the next three years.

American Tower sees the transaction improving the quality of its asset portfolio by diversifying customer risk, according to the company's chairman and CEO Steve Dodge. "The day-one returns on the NII Holdings transaction are strong," he said, adding, "There is significant additional growth potential in the highly attractive Mexican market."

For NII Holdings, which recently emerged from Chapter 11 bankruptcy, the deal lets it improve both its operating performance and financial position. "We believe we have a fully funded business plan with annual revenues in excess of US$700mn [and] less than US$500mn in debt," NII Holdings CEO Stephen Schindler said.

The transaction will conclude in stages, with closure of the first US$30mn scheduled for year-end. The remaining US$70mn component is expected to close by the end of 2Q03.

American Tower expects to fund the transaction with proceeds from non-core asset sales, which to date reach US$180mn. "By redeploying proceeds from non-core asset sales into higher growth tower assets we have taken another significant step forward in our strategy to focus on the core tower business and related strategic services," Dodge said.

NII Holdings is 36% owned by US-based digital trunking operator Nextel Communications (Nasdaq: NXTL). The company's Mexican subsidiary Nextel Mexico serves 423,000 customers.

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