Globe said it has achieved 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.
Globe also announced 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.
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