Globe Telecom Inc. said Wednesday it raised P51.9 billion so far after closing tower sale deals with Frontier Tower Associates Philippines Inc. and MIESCOR Infrastructure Development Corp.
The telecom unit of the Ayala Group said it closed 54 percent of the tower deal, transferring ownership of 4,039 of 7,506 towers for P51.9 billion. It said it closed on Aug. 16 the sale of 113 towers to Frontier Towers for P1.4 billion.
Globe received around P26.6 billion from Frontier Towers to date, as the latter gained ownership and management rights to 2,094 of the 3,529 acquired towers.
The amount reflects the value of the tower assets which include 77-percent ground-based towers and 23-percent rooftop towers.
Globe closed another 100 towers for P1.2 billion, bringing the total to around P13.4 billion from MIDC.