Globe Telecom on Monday bared the transfer of 187 cell towers to Frontier Towers worth P2.38 billion.
Cumulatively, Globe has closed 2,492 telecommunications towers worth P31.64 billion of the 3,529 towers for acquisition by Frontier Towers.
“The transaction will result in availability of funds for Globe to support future capital expenditures, debt repayments and debt avoidance with the expectation of improving the balance sheet health of the company,” the company said.
In August 2022, Globe agreed to sell then leaseback all its 5,709 telecommunications towers and related passive infrastructure in deals worth a total P71 billion.
Of the total, 2,180 towers will be sold to MIDC for P26 billion while the other 3,529 towers will be sold to Frontier Tower Associates Philippines Inc. for P45 billion more.
Globe earlier reported net income of P6.8 billion in the January to March quarter, down 7 percent from P7.3 billion in the same period last year.
Excluding the one-time gain from the tower sale, normalized net income would have been P5.8 billion, a 13 percent increase compared from prior year.
Globes’s core net income soared to P5.8 billion in the first quarter, up 13 percent compared to the same period last year.
Its consolidated gross service revenue grew by P41.1 billion during the period despite the decline in home broadband and non-telco services.
