UPDATE Globe Telecom, the Manila, Philippines-headquartered wireless and wireline service provider, said it is close to finalizing its tower sales to infrastructure provider, Phil-Tower Consortium, after selling another 48 towers for $12 million. This transaction brings PhilTower’s total acquisitions to 1,148 towers, or 85 percent of the planned 1,350 towers PhilTower is to acquire, BusinessWorld reported.
In 2022, Globe signed an agreement with PhilTower for the sale of its 1,350 telecommunication towers and related passive infrastructure for about $340 million, Inside Towers reported. Globe said proceeds from this transaction will yield additional funds for its future capital expenditure, debt repayments and will improve the company’s balance sheet.
In the same year, Globe also signed an agreement with Miescor Infrastructure Development Corp. (MIDC) and Frontier Tower Associates Philippines, Inc. for the sale of 5,709 telecommunication towers and related passive infrastructure for about $1.2 billion, Inside Towers reported.
Frontier Tower is set to acquire a total of 3,529 towers for $765 million, while MIDC will acquire 2,180 towers for $442 million.
For 2024, Globe is allocating $1 billion for its capital expenditures that will be funded by internally generated funds, debts, and proceeds from its tower sales.
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