GLOBE Telecom Inc. has completed the sale of 307 towers to Unity Digital Infrastructure, a partnership between Aboitiz InfraCapital and Partners Group, for P3.7 billion.
Globe said it closed the deal for 307 towers out of 447 towers to be acquired by Unity, following the closing of 25 towers for about P300 million on October 28, 2024.
“The transaction will result in the availability of funds for Globe to support future capital expenditures, debt repayments and debt avoidance with the expectation to improve the balance sheet health of the company.” Globe said in a disclosure to the Philippine Stock Exchange.
For the remaining 140 towers, Globe said there will be multiple closing dates which will happen as and when closing conditions are met.
As of July, Globe has generated P85.2 billion in gross proceeds for its tower sale, after the turnover of 88 percent of its towers in the portfolio to tower companies.
The tower sale, which started in 2022, has seen significant progress throughout 2024, Globe said, that is expected to generate P91 billion in proceeds from the sale of 7,506 towers, which is considered as the biggest tower sale in the country.
