Globe Telecom announced a P71 billion deal to sell over 7,000 towers in the Philippines to MIDC and Frontier Towers to fund Capex and reduce debt.
Globe Telecom will use approximately 75 percent of the deal to fund capital expenditures, to support ongoing network expansion and sustain network consistency and reliability scores. The balance of 25 percent will be earmarked to cover 2023 debt servicing requirements.
Globe Telecom has sold 3,529 telecom towers to Frontier Towers for P45 billion. Globe Telecom has sold 2,180 telecom towers to MIESCOR Infrastructure Development Corp (MIDC) for P26 billion.
Globe signed two sale and leaseback agreements for 2 portfolios consisting of 5,709 telecom towers and related passive telecom.
Globe is also in advanced talks with another tower company for the sale and leaseback of an additional ~1,350 telecom towers and related passive telecom infrastructure. Globe will reveal more details later.