GLOBE Telecom, Inc. has completed the sale of 25 telecommunications towers to Unity Digital Infrastructure, Inc. for P300 million.
This development marks the latest transaction of Globe’s tower sales to Unity, representing 45%, or 307 of the 447 towers to be acquired by Unity for a total of P5.4 billion, the Ayala-led telecommunications company said in a regulatory filing on Tuesday.
Unity is a joint venture telecommunications infrastructure platform of Aboitiz Infracapital, Inc. and global private markets firm Partners Group.
Globe expects an estimated pre-tax net gain of P1.8 billion once this transaction is finalized, the company said.
“This transaction will allow Globe to efficiently raise capital, redeploy capital from passive infrastructure to active equipment, improve balance sheet health, and leverage the expertise of tower companies,” Globe said.
To date, Globe’s tower sale and leaseback agreement with Unity has generated a total of P3.7 billion, its regulatory filing showed.
Aside from its agreement with Unity, Globe also sold 5,709 towers and related infrastructure to Frontier Tower Associates Philippines, Inc. and MIESCOR Infrastructure Development Corp. for P71 billion.
In July, Globe said it had fully closed the sale of 3,529 towers to be acquired by Frontier Towers.
Under this transaction, Frontier Towers will acquire 3,529 towers for P45 billion, while 2,180 towers will be sold to MIESCOR Infrastructure, a unit of Manila Electric Co., for P26 billion.
At the stock exchange on Tuesday, shares in Globe fell by P166, or 7.33%, to close at P2,100 each. — Ashley Erika O. Jose
