Globe Telecom Inc. has completed another significant milestone in its tower asset monetization strategy, finalizing the sale of 44 cellular towers to MIESCOR Infrastructure Development Corp. (MIDC) and 12 towers to Phil-Tower Consortium, Inc. (PhilTower) for a combined total of P706 million.
In a recent stock exchange filing, the Ayala-led telco confirmed that the 44 towers sold to MIDC were valued at approximately P528 million, bringing the total number of towers transferred to MIDC to 1,713 out of 2,180, as of 21 February 2025. Meanwhile, the sale of 12 towers to PhilTower amounted to P178 million, increasing the number of towers transferred to PhilTower to 1,160 out of 1,350.
Globe emphasized that additional tower sales will be finalized in stages, with multiple closing dates to follow as closing conditions are met. The company has committed to providing updates on the ongoing disposal process.
The proceeds from these sales are intended to bolster Globe’s financial position by supporting future capital expenditures, enabling debt repayments, and enhancing overall balance sheet health. Globe’s tower divestment strategy, initiated in 2022, is expected to contribute to a projected post-tax gain of P3.5 billion.
Globe’s move to offload its telecommunications towers follows a significant P71 billion deal from August 2022, wherein the company agreed to sell and leaseback all of its 5,709 towers and associated infrastructure.
