100 towers transferred to MIDC from Globe in latest closing milestone

MIESCOR Infrastructure Development Corporation, a joint venture between Manila Electric Co. subsidiary MIESCOR and leading global infrastructure investor Stonepeak, and Globe Telecom, Inc., have furthered their partnership with the completion of the fourth transfer of towers from Globe to MIDC. This follows the companies' previous announcement that MIDC will acquire 2,180 towers and related passive telecom infrastructure from Globe under a sale and leaseback agreement valued at P26.2 billion. This latest transfer adds 100 towers with a value of approximately P1.2 billion into MIDC's growing network, and brings the total number of towers transferred to MIDC to 1,120 – still on track for completion in the third quarter of 2023.

MIDC and Globe remain committed to their shared mission of improving digital infrastructure in the Philippines through the execution of forward-thinking strategies and the prioritization of innovation. The integration of these towers is aligned with the companies' shared dedication to delivering sustainable and effective connectivity solutions across the country, in addition to ongoing efforts in constructing new towers nationwide.

Helen Grace T. Marquez, President and CEO of MIDC, expressed, "We are excited about this milestone and the continuous progress we are achieving with Globe. Each transitioned tower signifies a step toward building a robust and widespread digital ecosystem. Our journey is a collective effort, and our commitment to advancement remains steadfast, one tower at a time."

Ricky Steyn, Chief Operating Officer of MIDC, echoed this sentiment, stating, "This milestone underscores our commitment to enhancing our network while optimizing our operational efficiency. As we integrate these towers into our system, we are streamlining our processes to provide seamless connectivity experiences for our customers. Our core focus remains on delivering quality, reliability, and innovation."