MIESCOR Infrastructure Development Corp. (MIDC) yesterday said it has completed the purchase of 62 percent of the 2,180 towers from Globe Telecom Inc.
MIDC recently completed the transfer of an additional 154 towers from Globe, bringing its first quarter of the year to a strong close, the company said.
MIDC now has 1,348 sale and leaseback (SLB) sites in its portfolio, consisting of 72 percent ground-based towers and 28 percent rooftop towers.
This announcement reflects another milestone in MIDC’s previously announced P26.2-billion acquisition of a portfolio of telecom towers from Globe.
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.
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 and communication technology services.
