Millicom International Cellular (MIC) has kicked off plans to transfer tower assets to its new tower company Lati.

The Luxembourg-based company confirmed the update in its financial earnings last week.

The telco expects to launch a monetization process in the fourth quarter of 2023.

Millicom first announced plans to carve out a tower company back in February 2022, before legal entities were incorporated earlier this year.

The towerco is expected to cover more than 10,500 cell towers across Latin America, in countries including Guatemala, Honduras, Bolivia, Colombia, Panama, Nicaragua, El Salvador, and Paraguay.

At the time of announcing Lati, Millicom noted that independent business is aimed at maximizing its towers' revenue potential.

The company said it hopes to attract growth capital from new investors in the business unit, ahead of a potential majority sale in the future.