Globe Telecom said Monday it transferred an additional 48 towers to PhilTower Consortium Inc. for P710 million.
The latest batch brought the total number of transferred towers to 1,148 worth P14.7 billion out of the total 1,350 towers. The total value of the entire deal is estimated at P20 billion.
“The transaction will result in availability of funds for Globe to support future capital expenditures, debt repayments and debt avoidance with the expectation to improve the balance sheet health of the company,” Globe said.
Globe agreed in August 2022 to sell then leaseback all its 5,709 telecommunications tower and relative passive infrastructure in two deals worth P71 billion. About 2,180 towers will be sold to MIDC for P26 billion while the remaining 3,529 towers will be sold to Frontier Tower Associates Philippines Inc. for P45 billion.