Philippines-based operator Globe Telecom sold off more towers in a deal sealed back in 2022, raising PHP13.5 billion (US$234 million) to support future capex plans and pay down debts.
In a stock exchange filing, the company detailed it sold 181 towers to Miescor Infrastructure Development Corporation (MIDC) last month, and the cash will be used for capex plans but did not disclose any further details. The money will also be used for debt payment and avoidance.
This update is part of the operator’s 2022 mega deal to sell in stages 5,709 towers to MIDC and Frontier Tower Associates Philippines for a total of PHP71 billion. Including this latest deal, Globe has sold 3,743 towers so far.
By the completion of the overall deal, MIDC will pick up 2,180 towers for PHP26 billion, and 3,529 will go to Frontier for PHP45 billion.
Operators in the Philippines have been in a race to sell off their passive infrastructure to raise cash to balance the books as the launch of 5G has yet to truly yield massive returns.
