Globe Telecom on Friday announced the sale of another 154 towers to MIESCOR Infrastructure Development Corp. (MIDC) for P1.85 billion.
The latest transaction brought to 1,348 the number of towers acquired by MIDC amounting to P14.23 billion.
Globe in August 2022 agreed to sell then leaseback all its 5,709 telecommunications tower and relative passive infrastructure in two deals worth P71 billion.
It said of the total, 2,180 towers would be sold to MIDC for P26 billion and 3,529 towers to Frontier Tower Associates Philippines Inc. for P45 billion.
“This transaction will allow Globe to efficiently raise capital, redeploy capital from passive infrastructure to active equipment, improve balance sheet health, and leverage expertise of tower companies,” Globe said.
Globe said it expects to recognize a post-tax gain of P13.5 billion from the transaction.
Meanwhile, Globe said it significantly expanded its 5G footprint across the Philippines and globally with 894 new sites as of end-2023, a major step towards enhancing digital connectivity and empowering Filipinos worldwide.
Globe said it achieved 97.90 percent outdoor coverage in the National Capital Region and 92.36 percent in key cities across Visayas and Mindanao last year.
This resulted in Globe logging over 5.8 million devices connected to its 5G network in December 2023 alone.