Globe, a digital platform in the Philippines with major interests in telecommunications, financial technology, virtual healthcare, digital marketing solutions, data insights, corporate venture building, and climate technology, announced that it has achieved today the fourth closing of 113 towers sold to Frontier Tower Associates Philippines Inc. (Frontier Towers) with a total cash consideration of ~₱1.4 billion.
This amount reflects the value of the tower assets which are composed of 77% ground-based towers and 23% rooftop towers located in Luzon, Visayas and Mindanao. Globe already received around ~₱26.6 billion from Frontier Towers to date, as they gained ownership and management rights to 2,094 towers out of the 3,529 acquired towers.
In addition, Globe is pleased to announce the closing of another 100 towers for ~₱1.2 billion or reaching to around ~₱13.4 billion received from MIESCOR Infrastructure Development Corporation (MIDC) to date.
These tower assets are composed of 64% ground-based towers and 36% rooftop towers. With this recent closing, MIDC already has control of 1,120 towers out of the 2,180 towers covered by the ₱26.0 billion sale and leaseback deal signed on August 11 of last year.
In total, Globe already closed 54% of the tower deal transferring ownership of 4,039 out of 7,506 towers for ₱51.9 billion. Subsequent closings will happen as and when closing conditions are met. Globe will make relevant announcements in accordance with the rules of The Philippines Stock Exchange as and when appropriate.
Globe Chief Finance Officer, Rizza Maniego-Eala, said “The business of Globe is a capital intensive one and this transaction that we initiated with tower companies has proven to be a great complement to our roll out of critical infrastructures to achieve wider coverage and consistency of service across the country. We continue to collaborate with Frontier Towers and MIDC towards the acceleration and maintenance of a modern and effective network in order to serve millions of Filipinos who are reliant on connectivity and online platforms for their daily activities.”
Frontier Towers’ Chairman and CEO, Patrick Tangney, said, “The handover of this fourth batch of towers is another important step in our journey towards delivering stronger connectivity and sustainable, inclusive economic growth to the people of the Philippines.”
“We are excited about this milestone and the continuous progress we are achieving with Globe. Each transitioned tower signifies a step toward building a robust and widespread digital ecosystem. Our journey is a collective effort, and our commitment to advancement remains steadfast, one tower at a time,” expressed Helen Grace T. Marquez, President and CEO of MIDC.
Ernest L. Cu, Globe President and Chief Executive Officer, said “Through our core business and numerous ventures we are developing, it is clear that we have always been big on how to bring practical solutions to every Filipino across the country. By focusing on strengthening our network and expanding our capacity, which our partnership with Frontier Towers and MIDC enable us to do, we hope to revolutionize the digital landscape and be a leading enabler of technology in the country.”
BusinessNewsAsia