It seems Globe Telecom’s search is nearing the end as the Philippines-based operator revealed it has entered exclusive talks to sell its tower portfolio in a deal that could be worth US$1.5 billion.
Bloomberg reported, the operator’s portfolio includes 6,000 towers and could be sold off in a two-part deal. A consortium called Meralco made up of investment firm Stonepeak Partners and utilities company Manila Electric, is apparently in negotiations for some of the assets.
There is another interested group formed by Partner Group Holding and Aboitiz Group, which is aiming to buy up the rest of the portfolio. Other potential buyers include KKR & Co, sources stressed to Bloomberg the deal could still fall through.
Operators globally have been divesting tower portfolios to reinvest into 5G modernisation projects. But it has been particularly aggressive in the Philippines as rival PLDT recently announced a US$1.4 billion deal to sell its portfolio.