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Globe hands over 431 towers to Frontier Towers for P5.5B

Globe Telecom Inc. on Friday announced it closed the sale of 431 towers to Frontier Tower Associates Philippines (Frontier Towers) for P5.5 billion.

In a disclosure, Globe said the sold towers were composed of 82% ground-based towers and 18% rooftop towers.

With the latest closing, the telco said a total of 1,981 have been transferred to Frontier Towers, which is around 56% of the 3,529 towers acquired by the tower company.

To date, Globe said it has already turned over the ownership of 49% or 3,711 of its 7,506 towers for P47.9 billion.

In 2018, the company said it is looking at divesting its tower assets to independent tower companies as part of its network expansion and optimization plan.

Globe said subsequent closings in relation to its tower sale will happen as and when closing conditions are met.

“Globe will make relevant announcements in accordance with the rules of The Philippine Stock Exchange and pertinent regulators as and when appropriate,” the company said. —VAL, GMA Integrated News


Tags: telco