MIESCOR closes 159 more towers from Globe
We believe that our current partnerships with the tower companies will help us enhance our CapEx spending and our tower builds moving forward
Daily TribuneWe believe that our current partnerships with the tower companies will help us enhance our CapEx spending and our tower builds moving forward
MIESCOR Infrastructure Development Corporation, a joint venture of Manila Electric Co. subsidiary MIESCOR and Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, reached the second closing milestone for its P26.2-billion acquisition of a portfolio of telecom towers from Globe Telecom, Inc. on 16 December.
MIDC closed out 159 more towers valued at P1.9 billion following the initial closing of 701 towers last 10 October. This effectively raised the number of transferred towers from Globe to MIDC to 860 with a cumulative value of P10.3 billion, accounting for 39 percent of the 2,180-tower portfolio deal.
The additional 159 towers transferred to MIDC consist of 120 ground-based towers and 39 rooftop towers. Subsequent closings are expected to materialize in 2023, with the last scheduled by the third quarter of next year.
"This latest milestone in our collaboration with Globe brings us closer to realizing our shared mission of improved internet connectivity which is essential in our post-pandemic economic recovery. This will eventually help us achieve our vision of becoming a major provider of sustainable digital infrastructure in the Philippines," MIDC president and CEO Helen Grace Marquez said.
Cumulatively, Globe has completed 34 percent of the sale, or 2,410 towers out of 7,059 have been transferred to the tower companies. Subsequent closings will happen as and when closing conditions are met, but Globe expects the final closing for all three portfolios to occur within the following year.
Ernest Cu, Globe president, and chief executive officer, said "with Globe's bid to provide superior customer service to Filipinos nationwide, we have been investing heavily into our network these past years alongside developing relevant products and services that optimize this infrastructure. We believe that our current partnerships with the tower companies will help us enhance our capex spending and our tower builds moving forward."
