Ayala-led digital platform Globe sold an additional 132 towers to Phil-Tower Consortium, Inc. for about P2 billion, bringing the total amount raised to P40 billion.
With this recent closing, a total of 710 out of 1,350 tower assets were successfully turned over to PhilTower. The sale comes with a commitment to build 750 towers across Visayas and Mindanao.
The company has already completed 44 percent or a total of 3,120 towers out of 7,059 acquired by the tower companies, raising P40.5 billion to date. Subsequent closings will happen as and when closing conditions are met.
“We have transferred more than half of the towers bought by PhilTower. As we shift our focus to strengthening our free cash flow position, this initiative continues to provide us additional financial and operational flexibility, thereby protecting our market leadership and allowing adequate elbow room to venture into exciting digital businesses,” said Rizza Eala, Globe CFO.
For his part, Globe president and CEO Ernest L. Cu, said, “Our partnership with PhilTower will help us achieve our network expansion goals in Visayas and Mindanao to reach the unserved and the underserved. In times like these, reliable digital services greatly spell a difference in stimulating economic growth and getting practical innovations within reach in these key regions.”
