AYALA-LED Globe Telecom, Inc. has completed the sale of its 56 towers for a total of P706 million to MIESCOR Infrastructure Development Corp. (MIDC) and Phil-Tower Consortium, Inc. (PhilTower).

In separate disclosures on Monday, Globe said it had completed the sale of 44 towers for approximately P528 million to MIDC on Feb. 21, while it also finalized the sale of 12 towers for P178 million to PhilTower.

This development brings Globe’s total tower sales to MIDC to 78.6%, or 1,713 towers out of the 2,180 towers to be acquired by MIDC, and 85.9%, or 1,160 towers out of the 1,350 towers to be acquired by PhilTower.

MIDC is a joint venture between Meralco Industrial Engineering Services Corp., a subsidiary of Manila Electric Co. (Meralco), and alternative investment firm Stonepeak.

PhilTower is a local tower company that builds shared telecommunication infrastructure for mobile operators.

In 2022, Globe agreed to sell a total of 5,709 telecommunication towers and associated passive infrastructure to MIDC and Frontier Tower Associates Philippines, Inc. for P71 billion.

That same year, the telecommunications company signed an agreement with PhilTower for the sale of its towers and related passive infrastructure for approximately P20 billion.

The proceeds from these transactions will fund Globe’s capital expenditures and help finance its debt repayments, improving the company’s overall balance sheet, the company said.

At the stock exchange on Monday, shares in Globe fell by P14, or 0.61%, to close at P2,264 per share. — Ashley Erika O. Jose