20 March 2024
Globe Telecom has closed the sale of 154 towers to Miescor Infrastructure Development Corporation (MIDC) for PHP 13.5 billion..png?lu=625)
The tower transfer is part of its separate deals with MIDC and Frontier Tower Associates Philippines for a total of 5,709 towers for PHP 71 billion in August 2022.
“This transaction will allow Globe to efficiently raise capital, redeploy capital from passive infrastructure to active equipment, improve balance sheet health, and leverage expertise of tower companies,” said Globe Telecom in a statement.
To date, Globe has transferred 1,348 out of 2,180 towers to MIDC, and 2,214 out of 3,529 towers to be acquired by Frontier Towers.
