Meralco-Stonepeak JV enters digital infrastructure space; buys 2,180 cell towers from Globe

MIESCOR Infrastructure Development Corp. (MIDC), a joint venture between Manila Electric Co. subsidiary MIESCOR and leading global infrastructure investor Stonepeak, announced on Friday it was acquiring 2,180 towers and related passive telecom infrastructure from Globe for P26.2 billion.

The deal, which involves a sale and leaseback agreement, marks a significant milestone for MIDC, which aspires to become a major player in the common tower space by servicing the country’s leading mobile network operators.

The first close of the transaction is targeted within the third quarter, with subsequent closings to follow once the conditions are met.

MIDC and Globe executed a master lease agreement, under which Globe will be the anchor tenant of the telco towers at a monthly rate of P100,000 per tower for an initial period of 15 years.

Globe provided a firm commitment for additional 750 build-to-suit towers over a period of four years.

Meralco president and CEO and MIDC chairman Ray C. Espinosa said this landmark deal gives the company the “momentum to pursue more opportunities that will help achieve its aspiration to become a trusted telco tower operator in the Philippines and eventually, a market leader in the digital infrastructure business.”

MIDC holds a license from the Department of Information and Communications Technology to operate as an independent tower company.

“This transaction is a great fit for our Asia Infrastructure strategy, which targets investments across energy transition, transportation and logistics, and communications and digital infrastructure, and represents a significant milestone for our growing Asia Pacific business,” said Stonepeak senior managing director and head of Asia and the Middle East Hajir Naghdy.

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