Globe Telecom Inc. said Friday it received P8.4 billion from the sale of additional 701 towers to MIESCOR Infrastructure Development Corp.
MIESCOR earlier signed a deal to acquire 2,180 towers from Globe.
“We are pleased with the great progress of this initiative as we complete another close for our record-breaking tower sale and leaseback transactions. This brings us closer to our goal of getting much needed flexibility to ensure we are able to sustain our best-in-class services and operations and protect our position in the market,” said Globe chief finance officer Rizza Maniego-Eala.
Globe already completed the sale of 1,501 or 21 percent of 7,059 towers being monetized as part of the historic initiative. The first closing was attained on Sept. 23 with the transfer of 800 towers to Frontier Tower Associates Philippines Inc. for P10 billion.
“We are thrilled to be working alongside MIDC supporting the government’s goal of improving the tower density and internet experience in the Philippines. We believe that this partnership will unlock more synergies for better infrastructure utilization and efficiencies,” said Globe president and chief executive Ernest Cu.
MIDC chairman Ray Espinosa said this achievement marked a significant milestone for MIDC as it positions itself to be a major player in the common tower space.
“MIDC will work tirelessly with the government and its private sector partners in pursuing more opportunities that will promote the expansion of the country’ digital infrastructure and help hasten the growth of our digital economy,” Espinosa said.