MIESCOR Infrastructure Development Corp. (MIDC) said Monday it completed the transfer of an additional 154 towers from Globe Telecom Inc., bringing the first quarter to a strong close.
MIDC said in a statement that with this close, Globe had transferred 62 percent of the agreed 2,180-tower portfolio.
MIDC said it has 1,348 sale and leaseback (SLB) sites in its portfolio, consisting of 72 percent ground-based towers and 28 percent rooftop towers.
“We continue to work with our strategic partner Globe to transfer the remaining balance of SLB towers, whilst working with our fellow independent tower companies to strengthen connectivity nationwide,” MIDC interim chief executive Ricky Steyn said.
MIDC previously announced a P26.2-billion acquisition of a portfolio of telecom towers from Globe.
Under the terms of the transaction, Globe will be the tower company’s anchor tenant for the first 15 years based on the master lease agreement.
“We are pleased to announce the successful culmination of the acquisition of 154 tower sites in Globe’s landmark tower Sale and Leaseback deal with MIDC. This achievement marks a significant milestone, bringing us to 62 percent completion and further advancing our cost transformation program,” said Globe chief finance officer Rizza Maniego-Eala.
“Through the strategic streamlining of our infrastructure ownership, we aim to allocate resources more effectively towards enhancing the network experience for our customers. Such strategic partnerships are instrumental in solidifying our position as a premier innovator in the country,” she said.
MIDC is also rolling out new build-to-suit towers for Globe supporting the implementation of the government’s common tower policy, with the aim to improve the country’s information, communication, and technology (ICT) services.
MIDC is an independent tower company registered with the Department of Information and Communications Technology that provides tower construction, site acquisition, site permitting and erection of towers, and tower management services to telecommunications companies.
The company is a joint venture between MIESCOR, a subsidiary of Manila Electric Co. – the largest private sector electric distribution utility company in the Philippines, and Stonepeak, a leading alternative investment firm.