Globe closes third tower deal with Frontier Towers

MANILA, Philippines — Globe Telecom Inc. handed over ownership of a new set of towers to Frontier Towers, as part of a sale announced in August last year. 

The deal was reported in a disclosure sent to the Philippine Stock Exchange on Thursday. This latest move covered the turnover of 431 towers to Frontier Tower Associate Philippines, Inc for a cash consideration of P5.5 billion. 

The tower assets were composed of ground-based towers (82%) and rooftop towers (18%), as Frontier Towers has acquired 1,981 towers out of the 3,529 assets stated in the sale. 

“We are more than halfway done towards the full turnover of the towers to Frontier and this transaction could not have happened at a more opportune time,” said Rizza Maniego-Eala, chief financial officer at Globe.

The Ayala-led telco entered into a similar deal with Meralco subsidiary MIESCOR Infrastructure Development Corporation in August. The company has acquired 1,020 towers out of the 2,180 assets. 

So far, the telco reckoned they completed 49% of all of its tower deals. The telco transferred 3,711 of the 7,506 towers assets for P47.9 billion. — Ramon Royandoyan