Globe raised P51.9 Billion to date on its landmark tower sale and leaseback deal

Globe raised P51.9 Billion to date on its landmark tower sale and leaseback deal.
Globe raised P51.9 Billion to date on its landmark tower sale and leaseback deal.

GLOBE, a leading digital platform in the  Philippines with major interests in telecommunications, financial technology, virtual healthcare, digital  marketing solutions, data insights, corporate venture building, and climate technology, announced that it  has achieved today the fourth closing of 113 towers sold to Frontier Tower Associates Philippines Inc.  (Frontier Towers) with a total cash consideration of P1.4 billion. This amount reflects the value of the  tower assets which are composed of 77 percent ground-based towers and 23 percent rooftop towers located in Luzon, Visayas, and Mindanao. Globe already received around ₱26.6 billion from Frontier Towers to date, as  they gained ownership and management rights to 2,094 towers out of the 3,529 acquired towers.  

In addition, Globe is pleased to announce the closing of another 100 towers for P1.2 billion or reaching to  around P13.4 billion received from MIESCOR Infrastructure Development Corporation (MIDC) to date.  These tower assets are composed of 64 percent ground-based towers and 36 percent rooftop towers. With this recent  closing, MIDC already has control of 1,120 towers out of the 2,180 towers covered by the P26.0 billion  sale and leaseback deal signed on August 11 of last year.  

In total, Globe already closed 54 percent of the tower deal transferring ownership of 4,039 out of 7,506 towers  for P51.9 billion. Subsequent closings will happen as and when closing conditions are met. Globe will  make relevant announcements in accordance with the rules of The Philippines Stock Exchange as and when appropriate.  

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. We  continue to collaborate with Frontier Towers and MIDC towards the acceleration and maintenance of a  modern and effective network in order to serve millions of Filipinos who are reliant on connectivity and  online platforms for their daily activities.”  

Frontier Towers’ Chairman and Chief Executive Officer, Patrick Tangney, said, “The handover of this fourth batch of towers  is another important step in our journey towards delivering stronger connectivity and sustainable, inclusive  economic growth to the people of the Philippines.” 

"We are excited about this milestone and the continuous progress we are achieving with Globe. Each  transitioned tower signifies a step toward building a robust and widespread digital ecosystem. Our journey  is a collective effort, and our commitment to advancement remains steadfast, one tower at a time,"  expressed Helen Grace T. Marquez, President and Chief Executive Officer of MIDC. 

Ernest L. Cu, Globe President and Chief Executive Officer, said, “Through our core business and numerous  ventures we are developing, it is clear that we have always been big on how to bring practical solutions to  every Filipino across the country. By focusing on strengthening our network and expanding our capacity, which our partnership with Frontier Towers and MIDC enable us to do, we hope to revolutionize the digital  landscape and be a leading enabler of technology in the country.”  (SPONSORED CONTENT)


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