Globe Telecom Inc. Friday, Oct. 15, disclosed it has reached first closing, with 701 towers out of the 2,180 telco towers to be acquired by MIESCOR Infrastructure Development Corporation (MIDC) for ₱8.4 billion.

These tower assets are composed of 73 percent ground-based towers and 27 percent rooftop towers.

The telco achieved the first closing two months after the signing of the definitive documents this August.

To date, Globe already completed the sale of the 1,501 out of 7,059 towers or 21 percent of the total towers being monetized as part of the initiative.

The first closing was attained last September 23 with the transfer of 800 towers to Frontier Tower Associates Philippines Inc. (Frontier Towers) for a cash consideration of ₱10 billion.

“We are pleased with the great progress of this initiative as we complete another close for our recordbreaking tower sale and leaseback transactions," says Globe Chief Finance Officer, Rizza Maniego-Eala.

"This brings us closer to our goal of getting much needed flexibility to ensure we are able to sustain our best-in-class services and operations and protect our position in the market,” she added.

“We are thrilled to be working alongside MIDC supporting the government’s goal of improving the tower density and internet experience in the Philippines," Ernest Cu, Globe President and Chief Executive Officer temarked.

'We believe that this partnership will unlock more synergies for better infrastructure utilization and efficiencies,” he noted.

“This achievement marks a significant milestone for MIDC as it positions itself to be a major player in the common tower space," according to MIDC Chairman Atty. Ray C. Espinosa.

"MIDC will work with the Government and its private sector partners to promote the expansion of the country’s digital infrastructure and help hasten the growth of our digital economy,” he said.