Globe expects completion of P96-B tower deal in 2024
GLOBE Telecom, Inc. announced on Tuesday that it expects to complete its P96-billion tower sale and leaseback deal next year, having raised P57.4 billion from the transfer of 4,464 towers, representing around 60% of the 7,506 towers sold.
In a regulatory filing, Globe said it had sold a total of 79 towers to Unity Digital Infrastructure Inc. (Unity) for P948 million, which also marks the company’s last tower closing for the year.
The transfer of towers to Unity is the third tranche of the 447 sale-and-leaseback deal, representing 56% of the sold towers.
“We have made significant progress with our tower deal today, transferring more than half of the towers and reaching 60% of our overall tower deal,” Rizza Maniego-Eala, Globe’s chief finance officer, said in a statement.
“We look forward to completing our landmark tower sale next year,” she added.
In 2023 alone, 2,057 towers were turned over, while another 2,410 were turned over in 2022.
“Working together and finding all means to supplement our tower builds through our continued partnership with the tower companies will add resiliency and stability to Globe’s expanding network,” Globe President and Chief Executive Officer Ernest L. Cu said.
The company’s continued partnership with tower companies will help fund Globe’s planned digital portfolio and connectivity expansion, he added.
At the local bourse on Tuesday, shares in the company climbed by P27 or 1.59% to end at P1,730 apiece. — Ashley Erika O. Jose
