Globe Telecom received PHP8.6 billion (US$156 million) from Phil-Tower Consortium after transferring 578 out of 1,350 towers to the company.
In a stock market disclosure, Globe stated the tower assets are based on the islands of Visayas and Mindanao, composed of 92% ground-based and 8% rooftop towers.
This latest development brings Globe up to 2,988 tower transfers out of 7,059 from all deals it previously struck with tower companies, which equates to 42% and raising in total PHP39 billion.
Globe Chief Finance Officer, Rizza Maniego-Eala said the cash injection provides “needed financial flexibility”, particularly against the backdrop of high inflation and interest rates.
we believe these partnerships with towercos will help us become more efficient in deploying capital and allow us to reach our goal of bringing down capex spending to US$1 billion by 2024,” said Maniego-Eala
Globe CEO Ernest Cu added: “We are taking advantage of the arrangements we made with the towercos to accelerate our tower builds and ensure fast and reliable connectivity as we roll out core products and services and diversify into new ventures. Globe and PhilTower will remain committed to supporting the government's initiatives towards establishing a world-class digital infrastructure nationwide.”
Phil-Tower president Devid Gunami said the company is eager to take the remaining 772 towers from Globe.
Globe struck its deal with Phil-Tower in September and has also signed agreements with Frontier Towers and MIESCOR Infrastructure Development Corporation, in deals that could raise US$1.2 billion for the operator.
