GLOBE Telecom, Inc. has closed the first tranche of its tower sale to Unity Digital Infrastructure, Inc. numbering 115 towers for around P1.4 billion.
“The country’s digital landscape continues to evolve so we build relationships that allow us to address industry changes and pain points in the market that will effectively improve our bottomline,” said Rizza Maniego-Eala, Globe’s chief finance officer, in a statement on Tuesday.
“Our deal with Unity and corresponding first closing of tower sale today are aligned with our efforts to enhance customer experience and to develop operational agility and efficient calibration of resources,” she added.
In a regulatory filing, the telecommunications company said the transaction marks the first tranche of the 447 sale-and-leaseback deal with the Aboitiz-backed tower company.
Unity is a joint venture telecommunications infrastructure platform of Aboitiz Infracapital, Inc. and global private markets firm Partner Group.
“Unity’s partnership with Globe is a testament to our commitment in bridging the digital gap in our country and promoting digital inclusion,” said Cosette V. Canilao, president and chief executive officer of Aboitiz Infracapital.
Ernest L. Cu, president and chief executive officer of Globe, said the company’s purpose has always been to create digital solutions that will improve the lives of Filipinos.
“This collaboration between Globe and Unity is crucial to achieving that objective and is one of the transactions underpinning growth and its expanding portfolio of companies,” he added.
After the recent closing, Globe raised P49.3 million from the sale of its towers. The company has already turned over 51% of towers under sale-and-leaseback deals or 3,826 towers out of the 7,596 total towers it sold.
“Subsequent closings will happen as and when closing conditions are met. Globe will make relevant announcements in accordance with the rules of the Philippine Stock Exchange as and when appropriate,” the company said.
On Tuesday, Globe shares closed lower by P30 or 1.63% to P1,816 apiece. — Justine Irish D. Tabile