Globe Telecom sells 5,709 towers for P71B

Globe Telecom has forged agreements to sell 5,709 of its towers to Miescor Infrastructure Development Corp. and Frontier Tower Associates Philippines for a combined P71 billion.

The Ayala-led telecommunications company said on Friday that Frontier acquired 3,529 towers for P45 billion while Meralco unit Miescor got 2,180 towers for P26 billion.

Globe added that it was in “advanced discussion” with a tower company for a separate sale and leaseback deal covering 1,350 towers in Visayas and Mindanao and related passive telecommunications infrastructure.

The bulk or 75 percent of the proceeds from the transactions will be used to bankroll Globe’s aggressive network expansion program…

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