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Manila Bulletin devider Business devider The Stock Market devider Globe closes sales of 810 towers to PhilTower

Globe closes sales of 810 towers to PhilTower

Published Nov 9, 2023 08:43 am

Globe Telecom Inc. is continuing to fulfill its signed agreement with Phil-Tower Consortium Inc. (PhilTower) by closing the sale of 810 out of 1,350 towers as of Nov. 8 this year.

In a disclosure to the Philippine Stock Exchange (PSE), Globe said it completed the sale of 100 more towers bought by PhilTower for P1.5 billion, bringing the total of closed sales to 810.

Previously, the telecommunication company closed 132 towers to PhilTower for P2 billion on April 28, and 578 towers for P8.6 billion on Feb. 11.

Globe and PhilTower agreed on a sale and leaseback deal for the towers last Sept. 23, 2022. The sale for the total of 1,350 telecom towers and other passive infrastructure was estimated to be P20 billion.

As the firm disclosed to the PSE, the agreement with PhilTower will “allow Globe to efficiently raise capital, redeploy capital from passive infrastructure to active equipment, improve balance sheet health, and leverage expertise of tower companies.”

It also aims to “recognize an estimated post-tax gain of P5.2 billion from the transaction (which is subject to change based on the carrying amount of the tower assets at the time of actual sale).”

The firm said further closing dates will be announced upon meeting the closing conditions stipulated within the deal in order to complete PhilTower’s acquisition of all 1,350 Globe sites offered. 
 

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