Globe sells off 154 towers for $242m

Globe sells off 154 towers for $242m

Philippines-base operator Globe Telecom closed the sale of 154 towers to Miescor Infrastructure Development Corporation (MIDC) for PHP 13.5 billion (US$242 million). 

In a bourse disclosure, Globe detailed the tower transfer is part of its separate deals with MIDC and Frontier Tower Associates Philippines for a total of 5,709 towers for PHP 71 billion in August 2022. 

The operator said: “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.”

To date, Globe 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.

Operators globally have been divesting their tower assets to push off expensive upkeep responsibilities, pay off debts and fund expansions in other parts of their businesses. Tower companies have been quick to acquire these passive assets. 

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