Telecommunications company Globe has officially closed the deal of 431 towers to Frontier Tower Associates Philippines Inc. (Frontier Towers) for P5.5 billion.
The tower assets are composed of 82% ground-based towers and 18% rooftop towers. Frontier Towers now have the management rights of 1,981 or around 56% of the acquired towers.
“We are more than halfway done toward the full turnover of the towers to Frontier and this transaction could not have happened at a more opportune time,” said Rizza Maniego-Eala, CFO, Globe.
So far, the telco has closed 49% of the tower deal transferring ownership of 3,711 out of 7,506 towers for P47.9 billion.
“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,” said Patrick Tangney, chair and CEO of Frontier Towers.