MIESCOR Infrastructure Development Corp. is set to acquire 2,180 towers and related passive telecom infrastructure from Globe Telecom Inc. under a sale and leaseback agreement valued at P26.2 billion.
MIDC is a joint venture of Manila Electric Co. subsidiary MIESCOR and global infrastructure investor Stonepeak.
“We are delighted to partner with MIESCOR and the MIDC team on this exciting opportunity with Globe,” said Stonepeak senior managing director and head of Asia and the Middle East Hajir Naghdy.
“This transaction is a great fit for our Asia infrastructure strategy, which targets investments across energy transition, transportation and logistics and communications and digital infrastructure and represents a significant milestone for our growing Asia Pacific business,” he said.
MIDC and Globe executed a master lease agreement where Globe will be the anchor tenant of the telco towers at a monthly rate of P100,000 per tower for an initial period of 15 years.
Globe also provided a firm commitment for additional 750 build-to-suit towers over four years.