MANILA -- Globe Telecom on Tuesday said it has sold 115 towers to Unity Digital Infrastructure, a partnership between Abotiz InfraCapital and Partners Group, for P1.4 billion.

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Globe said this is part of the sale of 447 towers for approximately P5.4 billion.

The telco giant told the Philippine Stock Exchange that the deal will help Globe get more funds for capital expenditures, debt repayments, and debt avoidance, thereby helping improve their balance sheet.

"Our deal with Unity and corresponding first closing of tower sale...are aligned with our efforts to enhance customer experience and to develop operational agility and efficient calibration of resources," added Globe Chief Finance Officer Rizza Maniego-Eala.

Aboitiz InfraCapital President and Chief Executive Officer Cosette Canilao, meanwhile, said the partnership is a sign of their committment to bridging the digital gap and promoting digital inclusion in the Philippines.

"As we forge ahead in the local common tower market, we look forward to building a more connected future for all Filipinos," Canilao noted.

With the closing of this sale, Globe has already raised approximately P49.3 billion, or about 51 percent of the tower deal. They have turned over the ownership of 3,826 out of 7,506 towers sold.

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