Globe Telecom commenced a process to sell around half of its 12,194 cell tower assets in a deal that could fetch $1.5 billion for the Philippines-based operator, reported Bloomberg.

The Manila-listed telecommunications company is liaising with an advisor to evaluate interest from potential bidders for the tower sale, according to Bloomberg sources.

However, the process is in its early stages as the company has still not received board approval for a sale or leaseback transaction for its tower portfolio. Discussions remain premature and the company could decide to scrap the planned divestment.

The prospective move follows a $1.5 billion tower sale earlier this year by Globe Telecom’s rival PLDT, which offloaded its assets to Axiata’s Edotco and Edgepoint Infrastructure, backed by DigitalBridge Group.

Globe Telecom CFO Rizza Maniego-Eala, told local newspaper Philippine Star last month that PLDT’s transaction has facilitated a conducive environment rendering the company keen to divest its tower portfolio.’