Globe Telecom Inc. has sold an additional 181 cell site towers to Manila Electric Co. subsidiary MIESCOR Infrastructure Development Corp. for P2.17 billion.
In a disclosure to the Philippine Stock Exchange, Globe said the transaction will result in the availability of funds for Globe to support future capital expenditures, debt payments and debt avoidance to improve the company’s balance sheet.
The transaction is part of the contract entered by the parties in 2022 which involved the sale of Globe’s 2,180 towers to MIDC for a total cost of P26 billion.
Of the total 2,180 towers, Globe has already turned over 1,529 towers to MIDC.
Under the terms of the transaction, Globe will be the tower company’s anchor tenant for the first 15 years based on the master lease agreement.
With this, MIDC is also currently rolling out new build-to-suit towers for Globe supporting the implementation of the government’s Common Tower Policy, with the aim to improve the country’s information, communications and technology services.
