Developing markets operator Millicom International Cellular, said Monday that its Colombian subsidiary had agreed to sell 2,126 cell towers to America Tower for $182m in cash.

Millicom-owned Colombia Móvil will transfer the towers to a newly formed Colombian operation called ATC Infranco. Following the deal, Millicom and Colombia Móvil’s other shareholders will have an option to acquire an indirect, substantial minority equity interest in ATC Infraco.

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 towers for its network.

James Taiclet, chairman, president and CEO 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.”