MIESCOR Infrastructure Development Corp. (MIDC) said it has acquired 154 more towers from Globe Telecom, Inc.
With this development, MIDC has now acquired more than 1,000 towers.
“This announcement reflects another milestone in MIDC’s previously announced P26.2-billion acquisition of a portfolio of telecom towers from Globe,” MIDC said in a statement on Monday.
MIDC is a joint venture between Meralco Industrial Engineering Services Corp., a subsidiary of Manila Electric Co. (Meralco), and alternative investment firm Stonepeak.
“We continue to work with our strategic partner Globe to transfer the remaining balance of SLB towers, whilst working with our fellow independent tower companies to strengthen connectivity nationwide,” said Ricky Steyn, interim chief executive officer of MIDC.
In a separate stock exchange disclosure, the Ayala-led telecommunications company said it has closed the sale of 154 towers to MIDC for P1.85 billion. In total, Globe has now closed 1,348 out of 2,180 towers to be acquired by MIDC.
“We are pleased to announce the successful culmination of the acquisition of 154 tower sites in Globe’s landmark tower Sale and Leaseback deal with MIDC. This achievement marks a significant milestone, bringing us to 62% completion and further advancing our cost transformation program,” Rizza Maniego-Eala, chief finance officer of Globe, said in a media release.
Globe described the tower sales as a strategic streamlining of its infrastructure ownership, which will allow it to allocate funds in enhancing its network.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
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