Globe, a leading digital solutions provider controlled by the Ayala family, has already completed the sale of 34 percent of the total 7,059 cell towers it plans to divest, raising around P30 billion.
In a regulatory filing, Globe said 2,410 towers had already been transferred to the tower companies.
Globe said it received P1.9 billion from the sale of 159 cell towers to MIESCOR Infrastructure Development Corp. (MIDC), a subsidiary of power utility giant Manila Electric Co.
With this latest closing, a total of 860 out of the 2,180 towers have been successfully turned over to MIDC. These tower assets are composed of 120 ground-based towers and 39 rooftop towers.
Proceeds from the sale of the towers will be used to pay down debt and capital expenditures to support Globe’s ongoing network expansion.
“Subsequent closings will happen as and when closing conditions are met but Globe expects the final closing for all the three portfolios to happen within the next year,” Globe said.
“With Globe’s bid to provide superior customer service to Filipinos nationwide, we have been investing heavily into our network these past years alongside developing relevant products and services that optimize this infrastructure. We believe that our current partnerships with the tower companies will help us enhance our capex spending and our tower builds moving forward,” said Ernest Cu, Globe president and CEO.
Globe has interests in telecommunications, financial technology, digital marketing solutions, venture capital funding, data insight services and virtual healthcare.