Globe Telecom Incorporation has sold another 100 towers to Phil-Tower Consortium Incorporation (PhilTower) for PHP1.5 billion. Globe had closed 810 out of 1,350 towers for acquisition by PhilTower.
In September 2022, both firms signed a deal for the sale of the 1,350 telecom towers and related infrastructure for PHP20 billion. Globe estimates a post-tax gain of PHP5.2 billion from the transaction.
Additionally, Globe has also signed agreements with Miescor Infrastructure Development Corporation and Frontier Tower Associates Philippines Incorporation for the sale of 5,709 towers and related infrastructure for PHP71 billion.
The disposition of towers is in line to raise capital for various initiatives and requirements of the company.