Globe Telecom transfers 701 towers to MIDC

18 October 2022

Globe Telecom has transferred 701 towers to Miescor Infrastructure Development Corporation, as part of plans to sell more than 7,000 towers to raise PHP71 billion to pay for coverage expansion and debts.

Miescor will pay PHP8.4 billion for the 701 towers and related passive infrastructure. The assets comprise 73% ground-based towers and 27% rooftop aerials. Both companies signed a 15-year leaseback deal, and Miescor will acquire 2,180 towers in total.

To date, Globe completed the sale of 1,501 out of 7,059 towers or 21% of the total towers being sold off as part of its strategy to balance the books while funding coverage expansion. In September, Globe transferred 800 towers to Frontier Towers for PHP10 billion.

“We are pleased with the great progress of this initiative as we complete another close for our record-breaking tower sale and leaseback transactions,” said Globe Telecom CFO Rizza Maniego-Eala. “This brings us closer to our goal of getting much-needed flexibility to ensure we are able to sustain our best-in-class services and operations and protect our position in the market.”