Globe Telecom Inc. said Monday it signed an agreement with Unity Digital Infrastructure, a partnership between Aboitiz InfraCapital and Partners Group, to sell 447 towers for P5.4 billion.
“Signing this agreement with Unity is consistent with our endeavor to promote capital efficiency and prudence in our transactions. We keep our shareholders and customers’ welfare in mind by finding the right balance of funding sources and transformational projects designed to steer the company towards the digital forefront,” Globe chief finance officer Rizza Maniego-Eala said.
The tower assets consist of 84-percent ground-based towers and 16-percent rooftop towers. The sale comes with a commitment to build over 200 towers across Visayas and/or Mindanao.
The towers, which are all located in Luzon, will be leased back to Globe for an initial period of 15 years. The first close for the portfolio is targeted to occur in the third quarter of 2023, with subsequent closings happening as and when closing conditions are met. Globe estimates the pre-tax net transaction gain from the transaction to be P1.8 billion.