Globe Telecom has completed the sale of 154 telecom towers to Miescor Infrastructure Development Corporation (MIDC) for $242 million.
The transaction is part of a deal announced in August 2022, that saw Globe agree to sell 5,709 cellular towers.
The overall deal is reported to be worth 71 billion pesos ($1.28 bn), with 2,180 of these towers to be sold to Miescor, and 3,529 towers to be sold to Frontier.
“This transaction will allow Globe to efficiently raise capital, redeploy capital from passive infrastructure to active equipment, improve balance sheet health, and leverage expertise of tower companies," Globe Telecom said this week.
Giving an update on the overall deal, Globe said it has transferred 1,348 out of 2,180 towers to MIDC, and 2,214 out of 3,529 towers to be acquired by Frontier Towers.
Globe Telecom has been looking to shift the tower assets as a way to service its debts. In total, the company has agreed to sell more than 7,000 towers.
