GLOBE TELECOM, Inc. has closed the sale of its 181 towers to MIESCOR Infrastructure Development Corp. (MIDC) for P2.17 billion, the Ayala-led telecommunications company said on Monday.
In total, the telco has closed 70% or 1,529 out of 2,180 towers to be acquired by MIDC, Globe said in a disclosure to the stock exchange.
In 2022, Globe signed agreements with MIDC and Frontier Tower Associates Philippines, Inc. for the sale of 5,709 telecommunication towers and related passive infrastructure for about P71 billion.
Frontier is set to acquire a total of 3,529 towers for P45 billion, while MIDC will acquire 2,180 towers for P26 billion.
MIDC is an independent tower company that operates in the development, ownership, and management of communication towers and infrastructure.
It is a wholly owned subsidiary of power utility giant Manila Electric Co.
Globe expects about P13.5 billion post-tax gains from the transaction, the company said, adding that the transaction would allow the company to raise capital and redeploy proceeds from passive infrastructure to improve the company’s overall balance sheet.
For this year, Globe is allocating $1 billion for its capital expenditures funded by internally generated funds, debts and proceeds from its tower sales.
At the local bourse on Monday, shares in the company closed P11 or 0.63% higher at P1,761 each. — Ashley Erika O. Jose
