Globe Telecom Inc. said Friday it has closed the sale of 154 towers to MIESCOR Infrastructure Development Corp. for P1.85 billion.
In August 2022, Globe agreed to sell then leaseback all its 5,709 telecommunications tower and relative passive infrastructure in two deals worth a total P71 billion. A total 2,180 towers were allowed to MIDC while the balance were sold to Frontier Tower Associates Philippines Inc.
The latest closing brought to 1,348 towers already acquired by MIDC.
The tower sale will allow Globe to efficiently raise capital, redeploy capital from passive infrastructure to active equipment, improve balance sheet health, and leverage expertise of tower companies.Globe expects to recognize an estimated post-tax gain of P13.5 billion from the transaction.
