Ayalas’ telco unit gets much-needed financial boost: Globe raises P8.4B from sale of 701 cell towers

Ayala-led Globe Telecom Inc. said Friday it received P8.4 billion from the sale of 701 towers out of the total 2,180 to be sold to MIESCOR Infrastructure Development Corp. (MIDC).

Globe has so far completed the sale of 1,501 towers or 21 of the total 7,059 towers being monetized to get much needed flexibility to sustain its best-in-class services and operations and retain its position in the telco industry.

The first closing, involving 800 towers which were sold to Frontier Tower Associates Philippines Inc., was made last September 23 for a total consideration of P10 billion.

“We are thrilled to be working alongside MIDC supporting the government’s goal of improving the tower density and internet experience in the Philippines. We believe that this partnership will unlock more synergies for better infrastructure utilization and efficiencies,” said Ernest Cu, Globe president and CEO.

MIDC chairman Ray C. Espinosa, said this marks a significant milestone for the company, which is positioning itself to be a major player in the common tower space.

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