GLOBE Telecom Inc. completed the sale of 45 additional cell towers to Miescor Infrastructure Development Corp. (MIDC) for roughly $9.7 million in the Philippines. Cumulatively, it is the fifth installment in a transaction where Globe has closed 1,194 out of 2,180 towers to be acquired by MIDC.
“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,” Helen Grace T. Marquez, President and CEO of MIDC. said. “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.”
In August 2022, Globe sold a total of 5,709 towers with leaseback agreements worth approximately $1.27 billion to MIDC and Frontier Tower Associates Philippines Inc. (FTAP). A total of 3,529 towers were transferred to FTAP, while 2,180 towers went to MIDC. The fourth transfer added 100 towers into MIDC’s network in August 2023.
Reader Interactions