Globe Telecom Inc., a leading digital platform in the Philippines with major interests in telecommunications and financial technology, said Wednesday it completed in recent days the sale of 213 towers, pushing the divestment program to 54 percent of all towers and the total amount raised so far to P51.9 billion.
“The business of Globe is a capital intensive one and this transaction that we initiated with tower companies has proven to be a great complement to our roll out of critical infrastructures to achieve wider coverage and consistency of service across the country,” Globe chief finance officer Rizza Maniego-Eala said in a statement announcing the latest tower sales.
Over the last few days, Globe has closed the deal with Frontier Tower Associates Philippines Inc. and MIESCOR Infrastructure Development Corp.
Frontier Tower closed the deal on 113 towers, 77 percent of them ground based and the rest installed on rooftops, for a total cash consideration of P1.4 billion. The towers are located across the country.
With the latest closing, Frontier Tower already paid Globe a total P26.6 billion for 2,094 towers of the 3,529 towers they acquired.
Meantime, MIESCOR closed the deal on 100 towers, paying Globe another P1.2 billion to raise its total payment to P13.4 billion. MIESCOR already has control of 1,120 towers out of the 2,180 towers covered by the P26.0 billion sale and leaseback deal signed with Globe on 11 August last year.
“Through our core business and numerous ventures we are developing, it is clear that we have always been big on how to bring practical solutions to every Filipino across the country. By focusing on strengthening our network and expanding our capacity, which our partnership with Frontier Towers and MIDC enable us to do, we hope to revolutionize the digital landscape and be a leading enabler of technology in the country,” said Ernest Cu, Globe president and chief executive officer.
