Globe Telecom said Monday it closed a deal with MIESCOR Infrastructure Development Corp. (MIDC) for the sale of another 181 towers for P2.17 billion.
Globe said that it closed a total of 1,529 of 2,180 towers to be acquired by MIDC.
“The transaction will result in availability of funds for Globe to support future capital expenditures, debt repayments, and debt avoidance with the expectation to improve the balance sheet health of the company,” Globe said.
Globe agreed in August 2022 to sell then lease back all its 5,709 telecommunications towers 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 would be sold to Frontier Tower Associates Philippines Inc. for P45 billion.
The company said it expects to recognize an estimated post-tax gain of P13.5 billion from the transaction.
Globe reported a net income of P24.6 billion in 2023, down 29 percent from P34.60 billion in 2022. Excluding the impact of the one-time gains, normalized net income would have been P19.1 billion, down by 4 percent from 2022.
Globe’s consolidated service revenues grew 3 percent to P162.3 billion from P158 billion.