Globe recently announced that it has achieved the fourth closing of 113 towers sold to Frontier Tower Associates Philippines Inc. with a total cash consideration of P1.4 billion.
The amount reflects the value of the tower assets which are composed of 77% ground-based towers and 23% rooftop towers located in Luzon, Visayas and Mindanao.
To date, Globe has received around P26.6 billion from Frontier Towers, as they gained ownership and management rights to 2,094 towers out of the 3,529 acquired towers.
Globe also announced the closing of another 100 towers for P1.2 billion or reaching to around P13.4 billion from MIESCOR Infrastructure Development Corporation (MIDC) to date.
These tower assets are composed of 64% ground-based towers and 36% rooftop towers.
With this recent closing, MIDC has control of 1,120 towers out of the 2,180 towers covered by the P26 billion sale and leaseback deal signed Aug. 11 last year.
In total, Globe already closed 54% of the tower deal transferring ownership of 4,039 out of 7,506 towers for P51.9 billion.
In a statement, Globe Chief Finance Officer, Rizza Maniego-Eala, said “The business of Globe is a capital intensive one and this transaction that we initiated with tower companies has proven to be a great complement to our roll out of critical infrastructures to achieve wider coverage and consistency of service across the country”. ||
