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Sunday, December 10, 2023

Globe closes sale of 115 towers worth P1.4 billion to Unity Digital

Globe Telecom Inc. said Tuesday it closed the sale of 115 towers worth P1.4 billion to Unity Digital Infrastructure.

The telecom unit of the Ayala Group said the transaction was the first tranche of the 447 sale-and-leaseback deal with Unity, which was signed in May 2023.

It said with the recent closing, Globe raised about P49.3 billion, reaching around 51 percent of the tower deal by turning over the ownership of 3,826 out of 7,506 towers sold.

“The country’s digital landscape continues to evolve so we build relationships that allow us to address industry changes and pain points in the market that will effectively improve our bottom line,” Globe chief finance officer Rizza Maniego-Eala said.

“Our deal with Unity and corresponding first closing of tower sale today are aligned with our efforts to enhance customer experience and to develop operational agility and efficient calibration of resources. I’m looking forward to completing this transaction with Unity in parallel with achieving cost efficiency in terms of infrastructure management,” she said.

Aboitiz InfraCapital president and chief executive Cosette Canilao said the company is committed to its role of nation-building through infrastructure.

Canilao said the partnership with Globe is a testament to its commitment in bridging the digital gap in the country and promoting digital inclusion.

“Creating digital solutions that improve the lives of Filipinos has been Globe’s purpose as a technology company, from developing an ecosystem of customized experiences for retail and enterprise customers to ensuring a robust network that optimizes connectivity and digital innovations,” said Globe president and chief executive Ernest Cu.

“This collaboration between Globe and Unity is crucial to achieving that objective and is one of the transactions underpinning growth for Globe and its expanding portfolio of companies,” he said.

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