Globe closes deal for PHP 5.5B tower sale

Globe closes another deal with Frontier Tower Associates Philippines Inc. worth around PHP 5.5 billion.

File photo: Cell tower

49 percent of the tower deal settled

Globe said in a statement on Wednesday that it handed over 431 towers to Frontier Tower under their third deal for a cash consideration of around PHP 5.5 billion. These are composed of 82 percent ground-based towers and 18 percent rooftop towers, it added.

This means that Frontier Towers now assumes the ownership and management rights of 1,981 or around 56 percent of the acquired towers, Globe noted.

We are more than halfway done towards the full turnover of the towers to Frontier and this transaction could not have happened at a more opportune time. Despite persistent economic headwinds, we remain committed to provide the country seamless digital connectivity and we are glad to partner with Frontier, who alongside Globe, will redefine connectivity for the better, said Globe Chief Finance Officer, Rizza Maniego-Eala.

We continue to be committed to delivering stronger connectivity to the people of the Philippines, and the handover of this third batch of towers is an important step in that journey in strategic partnership with Globe, Frontier Towers Chairman and CEO Patrick Tangney said.

So far, Globe has closed 49 percent of the deal, transferring ownership of 3,711 out of 7,506 towers for PHP 47.9 billion.

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