GLOBE Telecom Inc. has turned over 327 towers worth over P4 billion to two independent tower firms.
In a disclosure to the Philippine Stock Exchange, Globe said it has closed the sale of 140 towers with Meralco subsidiary MIESCOR Infrastructure Development Corp. (MIDC) for P1.68 billion.
Globe has also completed the sale of 187 towers to Frontier Towers for approximately P2.38 billion last Friday.
These form part of the sale of 5,709 towers amounting to an estimated P71 billion, cumulatively. Globe has closed 1,669 out of 2,180 towers to be acquired by MIDC and 2,492 out of 3,529 towers to be acquired by Frontier Towers.
“There will be multiple closing dates which will happen as and when closing conditions are met. We will continue to provide updates on the relevant development of the disposal of tower assets in due course,” Globe said.
Globe is expected to turn over the remaining 1,548 towers, of which 1,037 are for Frontier and 511 towers for MIDC.
However, Globe said the specific closing conditions are part of the sale and leaseback agreement that is covered by confidentiality obligations.
