Globe Telecom offloaded 701 towers to Miescor Infrastructure Development, part of a run of infrastructure deals set to generate a total of PHP18.4 billion ($311.9 million) for the operator.
In a statement, Globe Telecom noted the Miescor deal generated PHP8.4 billion and is the first batch in a deal involving 2,180 sites. The operator sealed a 15-year leasing arrangement for the infrastructure.
The assets comprised 73 per cent ground-based and 27 per cent rooftop sites.
Globe Telecom transferred 800 towers to Frontier Tower Associates Philippines for PHP10 billion in September.
CFO Rizza Maniego-Eala explained the sales bring it “closer to our goal of getting much-needed flexibility to ensure we are able to sustain” services and operations, and protect its market position.
Miescor chairman Ray Espinosa stated the deal positions it to be a major player in the common tower space, adding it will work with the government and private-sector to expand digital infrastructure in the country.
Globe Telecom reached agreements sell more than 7,000 towers to three specialist companies.
Rival PLDT last week progressed its own tower sale strategy, completing the transfer of 4,435 of a total of 5,907 sites.
#closed 75 per cent of two tower sale and leaseback deals with subsidiaries of edotco and EdgePoint Infrastructure for PHP57.7 billion.