Globe raises P 5.4B from sale of additional telco towers
MANILA -Globe Telecom Inc. has now sold over 7,500 towers valued around P96 billion after securing a sale and lease back deal with Unity Digital Infrastructure, an Aboitiz-backed company that also previously bought telco infrastructure from another industry giant, PLDT Inc.
On Monday, the Ayala-led company disclosed that it had monetized additional 447 towers under a P5.4-billion deal. A pre-tax net transaction gain of P1.8 billion is estimated to be booked from the sale.
The portfolio comprises 84-percent ground-based towers and 16-percent rooftop towers. Along with the agreement, Unity also commits to build over 200 towers for Globe in areas outside Luzon.
The first closing for Globe’s latest tower sale is expected to be done by the third quarter.
Proceeds from the transaction are earmarked for capital expenditures (capex) and maturing debts. It has set a capex guidance of $1.3 billion this year for its expansion plans.
“We are confident that our partnership with Unity will enable us to further streamline our operations and promote technology as a tool to upgrade the standard of living across the nation especially in Visayas and Mindanao, consistent with our vision of digital inclusivity,” Globe president and CEO Ernest Cu said.
Globe chief finance officer Rizza Maniego-Eala, in a virtual briefing on Monday, said they were just initially planning to sell 7,000 towers but this deal had allowed them to dispose of more. INQ
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