Globe seals new P20-B telco tower investment deal

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Globe Telecom Inc. disclosed on Tuesday that it has signed its P20-billion tower and lease agreements with Philtower Consortium, Inc.

This deal involves the remaining 1,350 towers the Ayala-led telco put up for sale, with proceeds to be used for the company’s capital expenditure and debt repayments.

The said transaction equates the value of Globe’s sale and lease agreements to a total of P91 billion, higher than the P77-billion deal of the same nature by its rival, PLDT Inc.

“This record-setting deal show’s Globe’s commitment to capital efficiency and financial sustainability. Through this initiative, we ensure our balance sheet health, which allows us to properly complete and fortify our market leading position,” said Rosemarie Maniego-Eala, Globe chief finance officer.

Meanwhile, Philtower president Devid Gubiani said that they’re looking forward to growing a long-term partnership with mobile network operators for an efficient, cost-saving, and faster expansion that will address the digital divide in the country.

In August this year, Globe also signed two agreements for the sale of 5,709 towers for P71 billion.