Globe Telecom revealed that they signed sale and lease back deals which involve more than 5,000 telecom towers for Php71 billion.

The telco disclosed to the Philippine Stock Exchange that it signed a deal with MIESCOR Infrastructure Development Corporation (MIDC) to sell 2,180 telecom towers and passive telecom infrastructure worth Php26 billion.

Globe will lease the telco towers back for an initial 15-year term. The closing of the first is expected to happen by Q3 2022.

MIDC, an independent tower company, is a a joint venture between MIESCOR and Stonepeak.

The second transaction worth Php45 billion is for the sale of 3,529 telecom towers to Frontier Tower Associates Philippines. It will also be leased back to Globe for an initial term of 15 years.

Of the 7,059 towers that Globe is planning to sell, 66% are in Luzon, 19% are located in Mindanao, and 15% from Visayas.

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