NII Holdings sells communications sites in Mexico

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NII Holdings has completed its sale of communications sites in Mexico for $374.3 million.

The Reston-based company, which provides mobile communications services under the Nextel brand in Latin America, sold 1,483 communications sites to American Tower Corp. As part of the transaction, Nextel Mexico promised to lease back the communications sites for a minimum 12-year initial lease term with the option to extend the lease for additional renewed periods.

The company expects to complete the sale of the remaining communications sites in Mexico when certain closing conditions are met.

NII will recognize associated gains with the sale of the sites over the lease term. The company expects to record a capital lease liability of between $80 million and $125 million.

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