Globe completes transfer of 29 towers to MIESCOR for P348 million

Ayala-led Globe Telecom has successfully completed the transfer of 29 towers to MIESCOR Infrastructure Development Corp. (MIDC) for a total consideration of P348 million, marking another significant step in the ongoing tower asset disposal.

This transaction brings the total number of towers closed in the deal to 1,149 out of the 2,180 towers slated for acquisition by MIDC.

Globe emphasized that multiple closing dates will be scheduled as closing conditions are met, and further updates on the disposal of tower assets will be provided in due course.

Last August, Globe entered separate agreements with MIDC and Frontier Tower Associates Philippines, Inc. for the sale of 5,709 towers, amounting to P71 billion. The majority of these towers, approximately two-thirds, are situated in Luzon, with 19 percent in Mindanao and 15 percent in Visayas.

Proceeds from the sale of telco towers are allocated with 75 percent dedicated to financing network expansion and the remaining 25 percent designated for the payment of maturing debts.