Globe (PSE: GLO), a leading digital platform in the Philippines with major interests in telecommunications, financial technology, virtual healthcare, digital marketing solutions, venture capital funding, data insight services, e-commerce and entertainment, announced the transfer of another 132 towers to Phil-Tower Consortium, Inc. (PhilTower) for approximately P2.0 billion.
These tower assets from Visayas and Mindanao are composed of 94% ground-based towers and 6% rooftop towers.
With this recent closing, an aggregate of 710 out of 1,350 tower assets were successfully turned over to PhilTower. The sale comes with a commitment to build 750 towers across Visayas and Mindanao.
Cumulatively, Globe has already completed 44% or a total of 3,120 towers out of 7,059 acquired by the tower companies, raising ~ P40.5 billion to date. Subsequent closings will happen as and when closing conditions are met.
Globe will make relevant announcements in accordance with the applicable regulatory and disclosure rules as and when appropriate.
“We have transferred more than half of the towers bought by PhilTower. As we shift our focus to strengthening our free cash flow position, this initiative continues to provide us additional financial and operational flexibility, thereby protecting our market leadership and allowing adequate elbow room to venture into exciting digital businesses,” said Rizza Eala, Globe Chief Finance Officer.
Globe President and Chief Executive Officer, Ernest L. Cu, said, “Our partnership with PhilTower will help us achieve our network expansion goals in Visayas and Mindanao to reach the unserved and the underserved. In times like these, reliable digital services greatly spell a difference in stimulating economic growth and getting practical innovations within reach in these key regions.”
Devid Gubiani, PhilTower President said of this milestone, “In rapid succession from our initial February closing, PhilTower is pleased to transact another 132 sites with Globe. This brings our overall portfolio to over 1,000 sites nationwide. We look forward to closing the remaining 640 sites. Our partnership with Globe has been a strong one as the Philtower team managed operationally end to end those sites from day 1, thereby allowing Globe to focus on their operational excellence.”
