Globe Telecom Inc. on Thursday, said that they were able to close out and offically handover 431 towers to the Frontier Tower Associates Philippines Inc. (Frontier Towers) worth ₱5.5 billion.
In a disclosure at the Philippine Stock Exchange, Globe said they closed out 49 percent of the tower deal.
In total, they transferred ownership of 3,711 out of 7,506 towers for ₱47.9 billion.
Globe said in their disclosure that the most recent tower assets transferred were composed of 82 percent ground-based towers, as well as 18 percent rooftop towers.
Frontier Towers now has ownership and management rights to 1,981 or around 56 percent of the acquired towers.
“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,” Globe Chief Finance Officer, Rizza Maniego-Eala said
“Despite persistent economic headwinds, we remain committed to provide the country seamless digital connectivity and we are glad to partner with Frontier,” she added.
“We continue to be committed to delivering stronger connectivity to the people of the Philippines, and the handover of this third batch of towers is an important step in that journey in strategic partnership with Globe,” Patrick Tangney, Chairman and CEO of Frontier Towers said.
“We always look for innovative ways to make the lives of Filipinos easier and more sustainable,” Ernest L. Cu, Globe President and Chief Executive Officer said.
The disclosure said that Globe has a market capitalization of $4.4 billion as of the end of April, 2023.
Frontier Towers meanwhile is a subsidiary of Pinnacle Towers, which invests in, builds and operates telecommunications infrastructure, with a focus on towers and related assets.
Catherine R. Cueto