MANILA - Globe Telecom said on Monday it has completed the sale and leaseback of 42 percent or 2,988 towers of its 7,059 total portfolio of telco towers.

This was after it transferred 578 towers out of the 1,350 towers to Phil-Tower Consortium Inc, raising P8.6 billion, Globe said in a disclosure to the stock exchange.

"We are taking advantage of the arrangements we made with the towercos to accelerate our tower builds and ensure fast and reliable connectivity as we roll out core products and services and diversify into new ventures," Globe President and CEO Ernest Cu said.

So far, Globe said it has raised P39 billion.

"We are very pleased with the progress we have made with our landmark tower sale initiative," Globe Chief Finance Officer Rizza Maniego-Eala said.

Once completed, Globe said the sale of over 7,000 of its towers could be the "largest ever" tower sale and leaseback agreement in the country.

PLDT Inc is in the process of doing similar tower sale and leaseback deals, which it said could raise as much as P77 billion.

• Globe says to sell over 7,000 towers in 'largest ever' deal in PH
• Globe sells another P20 billion worth of telco towers, total sale now at P91 billion
• Globe says 32 percent of tower deal completed with 2,251 towers worth P28 billion sold

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