Globe sells P1.34B worth of towers, raising total to P89.3B

Globe Telecom Inc. has completed another batch of tower sales, raising P1.34 billion and inching closer to the final sale.

The company transferred 96 towers to MIESCOR Infrastructure Development Corp. (MIDC) and PhilTower Consortium for a combined P1.34 billion, including 84 towers in Visayas and Mindanao to PhilTower for P1.2 billion and 12 towers in Luzon to MIDC for P144 million.

Globe has now completed the transfer of 6,945 towers through sale and leaseback deals, raising a total of P89.3 billion, which is nearly 92% of its target proceeds.

Proceeds from these sales will be used to fund capital expenditures and settle expiring debts as Globe focuses on optimizing its infrastructure network.

Globe President Carl Raymond R. Cruz emphasized the importance of concluding tower transfers for raising capital to support expansion projects in telecommunications and technology.