Globe, the country’s leading solutions platform, said Monday it sold 578 towers to Phil-Tower Consortium Inc. for P8.6 billion.
The telecom unit of the Ayala Group said 578 of its 1,350 towers had been transferred to PhilTower.
“We are very pleased with the progress we have made with our landmark tower sale initiative. This new milestone of transferring nearly half of the Towers we sold to PhilTower last September provides us much-needed financial flexibility, especially in the current macroeconomic backdrop of high inflation and increasing interest rate environment,” Globe chief finance officer Rizza Maniego-Eala said.
Globe and PhilTower on Sept. 22, 2022 signed an agreement for the sale of 1,350 telecommunication towers and related passive infrastructure for about P20 billion.
The towers, which consist of 92 percent ground-based and 8 percent rooftop towers mostly in the Visayas and Mindanao, will be leased back to Globe for an initial period of 15 years.
Globe has already completed 42 percent of the sale, with 2,988 of the 7,059 towers transferred to the tower companies. Globe raised P39 billion so far.