Globe Telecom Inc. disclosed today, Tuesday, Sept., that it has achieved the first closing with 800 towers out of the 3,529 towers to be acquired by Frontier Tower Associates Philippines Inc. (Frontier Towers) for a cash consideration of ₱10 billion.
The deal was accomplished after just over a month from the signing of the milestone sale and leaseback transactions for the first two tower portfolios last August.
On the other hand, the portfolio sold to MIESCOR Infrastructure Development Corporation (MIDC) on August 11 of this year is expected to close within the next few weeks.
“We are happy that we have attained the first closing for the biggest ever tower sale in the Philippines,” Globe Chief Finance Officer, Rosemarie Maniego-Eala, stated.
“This deal brings financial resources that will strengthen our balance sheet and provide sufficient flexibility to properly compete in this dynamic market,” she noted.
“We look forward to the continued partnership and cooperation with Frontier Towers, which we believe will lead to significant overall operational efficiencies and improvement in the country’s connectivity needs,” according to Ernest Cu, Globe President and Chief Executive Officer.
For his part, Patrick Tangney, Chairman and CEO of Frontier Towers, remarked, “We are pleased to have reached this milestone so quickly in close collaboration with Globe.”
“The official handover of this first batch of towers is an important step in our strategic partnership and journey towards delivering stronger connectivity and sustainable, inclusive economic growth to the people of the Philippines.”
Credit belongs to : www.mb.com.ph