Globe Telecom Inc. on Tuesday generated P1.9 billion in the third closing of 160 towers under a so-called leaseback agreement with MIESCOR Infrastructure Development Corporation (MIDC).
With this closing, Globe said 1,020 of the 2,180 towers for disposal have been successfully transferred this time to MIDC.
The telco has already completed 44 percent or 3,280 towers of the 7,506 sought for eventual transfer to tower companies.
“Globe and MIDC are one in getting this partnership up to speed with the latest closing, and we undertake to turn over more in the coming months,” Rizza Maniego-Eala, Globe chief finance officer, said.
“I am delighted that our tower initiatives continue to provide enormous support in our corporate financing and in the acceleration of our network expansion, which are essential as we digitally enable Filipinos one innovation at a time,” she added.
Helen Grace T. Marquez, MIDC president and chief executive also said, “We are dedicated to supporting network operators in meeting the evolving needs of businesses and consumers in this rapidly evolving digital age.
“Our shared goal is to transform the Philippine digital landscape and enable greater access to digital services for all Filipinos. This achievement is a testament to our unwavering dedication, and we look forward to continuing our fruitful collaboration with Globe to make our shared vision a reality,” Marquez said.
Globe earlier sold in a leaseback transaction 447 towers worth P5.4 billion to Unity Digital Infrastructure (Unity), a partnership between Aboitiz InfraCapital (AIC) and Partners Group.
The tower assets consist of 84 percent ground-based towers and 16 percent rooftop towers with a commitment to build over 200 more such towers across the Visayas and/or Mindanao.
The leaseback extends over 15 years.
