Philippines’ Globe sells telecoms towers for $340M

MANILA  – Philippines’ Globe Telecom Inc said on Tuesday it has signed a deal to sell more than a thousand telecoms towers for P20 billion  ($340 million) to fund expansion and pay off maturing debts.

In a disclosure, Globe said it will sell 1,350 towers located in central and southern Philippines, and will lease them back from Phil-Tower Consortium. Globe has so far sold a total of 7,059 towers, raising P91 billion as it unloads passive assets.

($1 = 58.82 Philippine pesos)