Globe Telecom Inc., the telecommunications and financial technology business of the Ayala Group, said Thursday it has completed the sale of assets to Frontier Tower Associates Philippines Inc. with the transfer of the final batch of 1,037 telecom towers for a cash consideration of P13.17 billion.
Around 84 percent of the assets are ground-based towers while the balance are rooftop towers, marking a strategic move in Globe’s tower divestment initiative.
The latest transaction marks the completion of Globe’s sale of 3,529 towers to Frontier Tower since the process began in 2022. After acquiring the assets, Frontier Tower will lease it back to Globe for its telecommunications operations, which is the second biggest in the country.
The deal with Frontier Tower underscores Globe’s commitment to optimizing its infrastructure assets while continuing to expand its core digital and telecommunications services across the Philippines. The sale and leaseback deal is expected to enhance operational efficiencies and further strengthen Globe’s network capabilities nationwide.
In August 2022, Globe signed agreements with MIESCOR Infrastructure Development Corp. and Frontier Tower for the sale of 5,709 telecommunication towers and related passive infrastructure for approximately P71 billion. After the sale, MIESCOR Infrastructure and Frontier Tower will lease the towers back to Globe.
The deal allows Globe to efficiently raise capital, redeploy capital from passive infrastructure to active equipment, improve balance sheet health, and leverage expertise of tower companies.
Globe remains focused on driving innovation and improving connectivity, leveraging its robust portfolio in telecommunications, data insights, virtual healthcare, and e-mobility to meet the evolving digital needs of consumers and businesses in the Philippines.
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