Monday, April 15, 2024

Globe completes turnover of first batch of 800 cell sites to common tower firm

Ayala-owned telco Globe announced on Tuesday, Sept. 27, that it has completed the first closing with 800 towers out of the 3,529 towers to be acquired by common tower operator Frontier Tower Associates Philippines Inc. for a cash consideration of P10 billion.

Photo from Freepik.com

This deal was accomplished after over a month from the signing of the milestone sale and leaseback transactions for the first two tower portfolios last August.

On the other hand, the portfolio sold to MIESCOR Infrastructure Development Corporation (MIDC) on August 11 of this year is expected to close within the next few weeks.

Globe said it will make relevant announcements in accordance with the rules of the Philippines Stock Exchange as and when appropriate.

“We are happy that we have attained the first closing for the biggest ever tower sale in the Philippines. This deal brings financial resources that will strengthen our balance sheet and provide sufficient flexibility to properly compete in this dynamic market,” Globe chief finance officer Rosemarie Maniego-Eala stated.

“We look forward to the continued partnership and cooperation with Frontier Towers, which we believe will lead to significant overall operational efficiencies and improvement in the country’s connectivity needs,” said Ernest Cu, Globe president and chief executive officer.

Patrick Tangney, chairman and CEO of Frontier Towers, said: “We are pleased to have reached this milestone so quickly in close collaboration with Globe. The official handover of this first batch of towers is an important step in our strategic partnership and journey towards delivering stronger connectivity and sustainable, inclusive economic growth to the people of the Philippines.”

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