Globe (PSE:GLO), a leading digital platform in the Philippines with major interest in telecommunications, financial technology, announced today the first closing of 115 towers sold to Unity Digital Infrastructure (Unity), for a cash consideration of ₱1.4 billion. This transaction marks the first tranche of the 447 sale-and-leaseback deal with Unity. The tower assets are composed of 94% ground-based towers and 6% rooftop towers in Luzon. The first closing was accomplished after just over two months from the signing of the sale and leaseback transaction for the fourth portfolio back in May.
With this recent closing, Globe already raised approximately ₱49.3 billion, reaching around 51% of the tower deal by officially turning over the ownership of 3,826 out of 7506 towers sold. Subsequent closings will happen as and when closing conditions are met. Globe will make relevant announcements in accordance with the rules of the Philippines Stock Exchange as and when appropriate.
Rizza Maniego-Eala, Globe Chief Finance Officer remarked, “The country’s digital landscape continues to evolve so we build relationship that allow us to address industry changes and pain points in the market that will effectively improve our bottom line. Our deal with Unity and Corresponding first closing of tower sale today are aligned with our efforts to enhance customer experience and to develop operational agility and efficient calibration of resources. I’m looking forward to completing this transaction with Unity in parallel with achieving cost efficiency in terms of infrastructure management.”
“Aboitiz InfraCapital is committed to our role of nation-building through infrastructure. Unity’s partnership with Globe is a testament to our commitment in bridging the digital gap in our country and promoting digital inclusion. As we forge ahead in the local common tower market, we look forward to building a more connected future for all Filipinos,” shared Cosette V. Canilao, President and CEO of Aboitiz InfraCapital.
Ernest L. Cu, Globe President and Chief Executive Officer said, “Creating digital solutions that improve the lives of Filipinos has been Globe’s purpose as a technology company, from developing an ecosystem of customized experiences for retails and enterprises customers to ensuring a robust network that optimizes connectivity and digital innovations. This collaboration between Globe and Unity is crucial to achieving that objective and is one of the transactions underpinning growth for Globe and its expanding portfolio of companies.”
