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Manila Bulletin devider Business devider The Stock Market devider Globe closes sale of P13 billion worth of towers to Frontier

Globe closes sale of P13 billion worth of towers to Frontier

Published Jul 25, 2024 12:28 am

Zobel-led Globe Telecom has closed the sale of the last batch of towers comprising 1,037 sites to Frontier Tower Associates Philippines Inc. for P13.17 billion in cash. 

In a disclosure to the Philippine Stock Exchange, the firm said these tower assets comprise 84 percent ground-based towers and 16 percent rooftop towers. 

The transfer wraps up Globe’s tower sale to Frontier Towers, following the closing of 3,529 towers in 2022. Globe has officially turned over 6,628 out of the 7,506 towers included in the Sale and Leaseback portfolio, generating approximately P85.2 billion in proceeds. 

In 2022, Globe transferred 2,410 towers, followed by 2,057 the following year. The year-to-date transfer has now reached 2,161 towers, resulting in proceeds of around P27.8 billion. Subsequent closings will happen as and when closing conditions are met. 

“Today, Globe sets a significant milestone by successfully transferring all the towers sold to Frontier Towers, bringing us closer to completing our entire landmark tower deal this year. 

“This transaction provides us with a higher level of financial flexibility to manage our leverage ratios and effectively address the evolving consumer demands while ensuring sustainable network expansion.” Globe Chief Finance Officer Rizza Maniego-Eala said.

Globe President and Chief Executive Officer Ernest Cu said, “Our strong commitment to fostering collaborative partnerships is exemplified by the full handover of towers sold to Frontier Towers.”

“We firmly believe that our strategic partnerships with the towers are pivotal in this competitive market landscape. 

“Together, we strive to deliver exceptional internet connectivity across the Philippines, aiming to address the immediate connectivity needs of our countrymen and contribute to the broader objective of driving inclusive growth through digitalization,” he added.

Frontier Towers Chairman and CEO Patrick Tangney said, “We are pleased to have reached this key milestone in our strategic partnership with Globe. With this latest closing, we near the 5,000 tower mark and cement our position as the largest digital infrastructure provider in the Philippines.”

“With our growing network of towers, we enhance further our ability to deepen digital connectivity and inclusion throughout the Philippines for Globe and the people of the Philippines,” he noted.
 

Related Tags

Ernest L. Cu GLOBE TELECOM INC Rizza Maniego-Eala Frontier Tower Associates Philippines Inc.
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