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Manila Bulletin devider Business devider Globe closes 32% of P28-B tower deal

Globe closes 32% of P28-B tower deal

Published Dec 12, 2022 10:46 am

Globe Telecom Inc. has achieved the ₱9.5 billion second closing of 750 towers to be transferred to Frontier Tower Associates Philippines Inc. (Frontier Towers), the telco disclosed Monday, Dec. 12.

With this latest closing, the telco has transferred a total of 1,550 out of the 3,529 towers to Frontier Towers.

The transferred assets consist of 81 percent ground-based towers and 19 percent rooftop towers.

Overall, Globe has achieved 32 percent closing of the largest tower deal in the country, with the transfer of ownership of 2,251 out of 7,059 towers for ₱28.0 billion.

The telco attained the first closing last September 23 with the transfer of 800 towers to Frontier Towers for a cash consideration of ₱10.0 billion and another 701 towers to MIESCOR Infrastructure Development Corporation (MIDC) worth ₱8.4 billion last October 14.

Globe will use the proceeds from the sale to pay its debt as well as its capital expenditures for its ongoing network expansion.

The company expects the final closing for all the three portfolios to happen within next year.

“We are happy that we have successfully completed 32 percent of this record-breaking initiative, giving us much leeway to cover for our 2023 debt servicing requirements amidst the backdrop of rising interest rates," Globe Chief Finance Officer, Rizza Maniego-Eala, commented.

"This tower deal will also help us meet the changing consumer demand while ensuring that our network expansion is done in a sustainable and responsible way,” she added.

“We are pleased with the remarkable progress of our tower deal with Frontier Towers," acquiesced Ernest Cu, Globe President and Chief Executive Officer.

"We believe that our strategic partnership with the tower companies is critical in this very competitive market and in providing the best internet connectivity in the Philippines that is comparable to the rest of the world,” he pointed out.

For Frontier Towers, "We continue to be committed to developing the Philippines telecoms sector and the pace at which we are completing the handovers of tower sites in close collaboration with Globe is testament to that,” concluded Chairman and CEO Patrick Tangney.

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GLOBE 2ND CLOSING OF TOWER DEAL GLOBE TOWER DEAL GLOBE TELECOM INC
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