MANILA - Globe Telecom has signed a P5.4 billion sale and leaseback agreement with Unity Digital Infrastructure, for 447 towers, the telco disclosed to the stock market on Monday.
Unity is a partnership between Aboitiz InfraCapital (AIC) and Partners Group, Globe added.
“The tower assets consist of 84 percent ground-based towers and 16 percent rooftop towers. The sale comes with a commitment to build
over 200 towers across Visayas and/or Mindanao,” the Ayala-led telco said.
The company said the towers, which are all located in Luzon, will be leased back to Globe for an initial period of 15 years.
“Signing this agreement with Unity is consistent with our endeavor to promote capital efficiency and prudence in our transactions. We keep our shareholders and customers' welfare in mind by finding the right balance of funding sources and transformational projects designed to steer the company towards the digital forefront,” said Rizza Maniego-Eala, Globe’s Chief Finance Officer.