Globe Telecom Inc. yesterday said it received P2.6 billion for the turnover of 213 towers with two major independent tower companies.
Globe has achieved the fourth closing of 113 towers sold to Frontier Tower Associates Philippines Inc. with a total cash consideration of P1.4 billion.
The amount reflects the value of the tower assets comprising 77 percent ground-based and 23 percent rooftop towers located all over the country.
Globe also announced the closing of another 100 towers worth P1.2 billion with MIESCOR Infrastructure Development Corp. (MIDC). These are composed of 64 percent ground-based and 36 percent rooftop towers.
“The business of Globe is a capital-intensive one and this transaction that we initiated with tower companies has proven to be a great complement to our rollout of critical infrastructures to achieve wider coverage and consistency of service across the country. We continue to collaborate with Frontier Towers and MIDC towards the acceleration and maintenance of a modern and effective network in order to serve millions of Filipinos who are reliant on connectivity and online platforms for their daily activities,” said Rizza Maniego-Eala, Globe chief finance officer.
To date, Globe said, it has received around P26.6 billion from Frontier Towers for the sale of a total of 2,094 towers and P13.4 billion from MIDC for control of 1,120 towers.
In total, Globe closed 54 percent of the tower deal, transferring ownership of 4,039 out of 7,506 towers for P51.9 billion. Subsequent closings will happen as and when closing conditions are met, the company said.
“The handover of this fourth batch of towers is another important step in our journey towards delivering stronger connectivity and sustainable, inclusive economic growth to the people of the Philippines,” said Patrick Tangney, Frontier Towers chairman and chief executive officer (CEO).
“Each transitioned tower signifies a step toward building a robust and widespread digital ecosystem. Our journey is a collective effort, and our commitment to advancement remains steadfast, one tower at a time,” said Helen Grace Marquez, MIDC president and CEO.
