Globe Telecom Inc. yesterday said it has completed the sale of 115 towers to Aboitiz InfraCapital subsidiary, Unity Digital Infrastructure, for P1.4 billion.
In a disclosure to the stock exchange, Globe said the first closing was accomplished after just over two months from the signing of the sale and leaseback transaction for the fourth portfolio last May.
The transaction marks the first tranche of the 447 sale and leaseback deal with Unity. The tower assets are composed of 94 percent ground-based towers and 6 percent rooftop towers in Luzon.
With the recent closing, Globe has raised about P49.3 billion reaching around 51 percent of the tower deal by officially turning over the ownership of 3,826 out of 7,506 towers sold.
“The country’s digital landscape continues to evolve so we build relationships that allow us to address industry changes and pain points in the market that will effectively improve our bottom line,” said Rizza Maniego-Eala, Globe chief finance officer.
“Our deal with Unity and the corresponding first closing of the tower sale today is aligned with our efforts to enhance customer experience and to develop operational agility and efficient calibration of resources. I’m looking forward to completing this transaction with Unity in parallel with achieving cost-efficiently in terms of infrastructure management,” she added.
Unity is a joint venture telecommunications infrastructure platform by Aboitiz InfraCapital of the Aboitiz Group and a leading global private market firm, Partner Group, acting on behalf of its client.
