Thursday, February 29, 2024

PhilTower, MIDC to form joint venture for digital infra

Phil-Tower Consortium Inc (PhilTower) and Miescor Infrastructure Development Corporation (MIDC) have announced their intention to form and invest in a Joint Venture company (JVCo) that will wholly own PhilTower and MIDC to meet the growing demand for 4G and 5G mobile network infrastructure across the Philippines.

The JVCo will provide improved coverage for its mobile network operator clients and continue to drive investment in digital infrastructure in the Philippines.

PhilTower and MIDC are both fast-growing independent tower companies in the Philippines and this combination would enable them to maximize their complementary geographic footprints to provide better connectivity for their customers.

Currently, PhilTower operates over 1250 towers located in the three main regions of Luzon, Visayas, and Mindanao in the Philippines, and MIDC operates over 1250 towers primarily in Luzon.

The JVCo would have Philippine-wide coverage and is well-placed to support the growing connectivity needs of the country.

The announcement follows a year of significant growth in the Philippine information and communications technology sector, with investment approvals exceeding $1.7 billion (P96.16 billion).

The combination is subject to regulatory review by the Philippines Securities and Exchange Commission and the Philippine Competition Commission.

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