Globe Telecom, the operator in the Philippines, has announced the third closing and official transfer of 431 towers to Frontier Tower Associates Philippines (Frontier Towers) for PHP5.5 billion (US$97 million) in cash. 82% of these tower assets are ground-based towers, and 18% are rooftop towers.
Frontier Towers presently owns and manages 1,981 towers, or roughly 56% of the purchased towers, as a result of the most recent transaction.
Globe claims that out of the PHP 96.3 billion (US$1.7 billion) sale announced in 2022, 3,711 towers worth PHP 47.9 billion (US$849 million) have been transferred so far. In August 2022, Globe Telecom received board clearance for the sale of more than 7,000 towers. According to Globe, two-thirds of these towers are in Luzon, 19% are in Mindanao and 15% are in Visayas.
Capital expenditures and debt repayment will be funded with the proceeds from the divestitures.
