Leading digital platform Globe Telecoms, announced today that it has completed the sale of 701 towers out of the 2,180 telco towers it had lined up for the acquisition of Meralco unit MIESCOR Infrastructure Development Corporation for a cash consideration of P8.4 billion.

Included in the sale are towers and related passive telecom infrastructure.

These tower assets are composed of 73 percent ground-based towers and 27 percent rooftop towers.

This close was achieved two months after the signing of the definitive documents in August.

To date, Globe already completed the sale of 1,501 out of 7,059 towers or 21 percent of the total towers being monetized as part of this historic initiative.

Frontier pays P10B

The first closing was attained last 23 September with the transfer of 800 towers to Frontier Tower Associates Philippines Inc. (Frontier Towers) for a cash consideration of P10 billion.

"We are pleased with the great progress of this initiative as we complete another close for our record-breaking tower sale and leaseback transactions. This brings us closer to our goal of getting much-needed flexibility to ensure we are able to sustain our best-in-class services and operations and protect our position in the market," Globe chief finance officer, Rizza Maniego-Eala, stated.

"We are thrilled to be working alongside MIDC supporting the government's goal of improving the tower density and internet experience in the Philippines. We believe that this partnership will unlock more synergies for better infrastructure utilization and efficiencies," Ernest Cu, Globe president and chief executive officer, said.