MIESCOR Infrastructure Development Corp. (MIDC) said the staggered transfer of 2,180 telecom towers it acquired from Globe for P26.2 billion is still on track to be completed by third quarter next year.
Last week, the parties completed the first closing activities in the deal with the handover-takeover of 701 towers worth P8.4 billion.
MIDC is a joint venture between Manila Electric Co.subsidiary MIESCOR and Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets.
“The MIDC team has been working diligently towards this first close since signing and we are pleased to have reached this early milestone in our transaction with Globe. We look forward to identifying additional compelling opportunities to invest behind the mobile tower industry in the Philippines and by doing so continue to enhance the region’s digital infrastructure for the communities that depend on it,” said Hajir Naghdy, Stonepeak senior managing director and head of Asia and the Middle East, in a statement on Friday.
Last August, MIDC and Globe signed a sale and leaseback agreement wherein Globe will be the anchor tenant of the telco towers for an initial period of 15 years.
The parties are also collaborating on 750 build-to-suit towers, which will be delivered to the company over the next four years where Globe will also be the anchor tenant.
The companies added the agreement benefits consumers as it helps telco companies improve network quality and build a more resilient infrastructure capable of quickly recovering and enduring disasters and other calamities.
