Globe Telecom said Thursday it transferred another 1,037 towers to Frontier Tower Associates Philippines Inc. worth P13.17 billion, marking the completion of their sale agreement.
The transfer wraps up Globe’s tower sale to Frontier Towers following the closing of a total of 3,529 towers since 2022.
Globe said it officially turned over 6,628 out of the 7,506 towers included in the sale and leaseback portfolio, generating about P85.2 billion in proceeds.
Globe transferred 2,410 towers in 2022, followed by 2,057 in the succeeding year. Total towers transferred reached 2,161 towers this year, resulting in proceeds of around P27.8 billion.
“Today, Globe sets a significant milestone by successfully transferring all the towers sold to Frontier Towers, bringing us closer to completing our entire landmark tower deal this year,” said Globe chief finance officer Rizza Maniego-Eala.
“This transaction provides us with a higher level of financial flexibility to manage our leverage ratios and effectively address the evolving consumer demands while ensuring sustainable network expansion,” she said.
Globe president and chief executive Ernest Cu said the company’s strong commitment to fostering collaborative partnerships is exemplified by the full handover of towers sold to Frontier Towers.
“We firmly believe that our strategic partnerships with the towercos are pivotal in this competitive market landscape. Together, we strive to deliver exceptional internet connectivity across the Philippines, aiming to address the immediate connectivity needs of our countrymen and contribute to the broader objective of driving inclusive growth through digitalization,” he said.
Patrick Tangney, chairman and chief executive of Frontier Towers, said they were pleased to have reached the key milestone in its strategic partnership with Globe.
“With this latest closing, we near the 5,000 tower mark and cement our position as the largest digital infrastructure provider in the Philippines,” Tangney said.
“With our growing network of towers, we enhance further our ability to deepen digital connectivity and inclusion throughout the Philippines for Globe and the people of the Philippines,” he said.
