GLOBE TELECOM, INC. said it had completed the transfer of 96 towers to MIESCOR Infrastructure Development Corp. (MIDC) and Phil-Tower Consortium, Inc. (PhilTower) for a combined P1.34 billion.
Globe said in separate disclosures on Thursday that it had completed the final sale of 12 towers to MIDC for P144 million and 84 towers to PhilTower for P1.2 billion.
This final closing with MIDC brings the total number of towers transferred since 2022 to 1,725, while Globe has closed 1,244 out of 1,350 towers, or nearly 92.15% of the total towers to be acquired by PhilTower.
“Progressing toward the completion of our tower sale and leaseback program signals Globe’s bold steps toward future-ready growth. It underscores our disciplined execution, strategic focus, and commitment to building a more agile and capital-efficient organization,” Globe President and Chief Executive Officer Carl Raymond R. Cruz said in a media release.
This recent development also brings the total number of towers officially turned over to 6,945, generating total proceeds of P89.3 billion.
Broken down, 2,410 towers were turned over in 2022; another 2,057 in 2023; and 2,205 in 2024. This year alone, a total of 273 towers have been transferred, generating P3.5 billion in proceeds.
MIDC is a joint venture between Meralco Industrial Engineering Services Corp., a subsidiary of Manila Electric Co. (Meralco), and alternative investment firm Stonepeak, while PhilTower is a local tower company that builds shared telecommunication infrastructure for mobile operators.
“Today marks another milestone in our tower monetization initiative. With the substantial handover of sites, we continue to move forward with our goal of strengthening Globe’s financial position,” said Globe Chief Finance Officer, Treasurer and Chief Risk Officer Juan Carlo C. Puno.
To recall, Globe signed agreements with MIDC and Frontier Tower Associates Philippines, Inc. for the sale of 5,709 telecommunication towers and related passive infrastructure for about P71 billion. Frontier Towers is set to acquire a total of 3,529 towers for P45 billion, while MIDC will acquire 2,180 towers for P26 billion.
In the same year, it also signed an agreement with PhilTower for the telco’s 1,350 towers.
At the local bourse, shares in Globe closed P6, or 0.36% higher, to end at P1,670 each. — Ashley Erika O. Jose
