Globe Telecom is considering selling half of its towers for $1.5 billion, according to a report by Bloomberg News. The company, which operates the largest mobile network and one of the largest fixed-line and broadband networks in The Philippines, is reportedly working on a deal to sell 6,000 towers. Any deal for the infrastructure, however, is in the early stages, the publication reported.
“We’ve always continued to look out for opportunities with respect to selling our passive assets, which include our towers, and the recent transaction from our competition has made the environment more friendly with respect to selling the towers,” Globe chief financial officer Rizza Maniego-Eala said, according to Philstar Global.
There is a recent example of a carrier monetizing its towers in the Philippines, which might have whetted Globe Telecom’s appetite. In April, Globe Telecom’s competitor, PLDT Inc., sold half of its towers for $1.47 billion, which represents the largest sale of Philippine telecom infrastructure assets to international investors. That sale actually was divided into two buyers: edotco Group, a unit of Malaysian telecom giant Axiata, and EdgePoint Infrastructure, which is owned by DigitalBridge (NYSE: DBRG) and Abu Dhabi Investment Authority. Any of them could be likely buyers for the Globe Telecom assets.
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