MANILA - Globe Telecom on Tuesday said it signed a third sale and leaseback deal with Phil-Tower Consortium Inc worth P20 billion which brought its total sold portfolio to 7,059 towers with proceeds of about P91 billion.
The third portfolio is composed of 1,350 towers with an estimated value of P20 billion, the telco said in a disclosure to the stock exchange.
Globe said the towers, mostly located in Visayas and Mindanao will be leased back to Globe for an initial of 15 years. It said pre-tax transaction gain from the deal is at P5.2 billion.
Globe earlier sold 2 other portfolio composed of 5,709 towers for P71 billion.
Upon completion of the overall transaction for all the tower assets for sale, Globe's deal will become the country's largest ever tower sale and leaseback deal, it said.
"This record-setting deal shows Globe's commitment to capital efficiency and financial sustainability. Through this initiative, we ensure our balance sheet health, which allows us to properly complete and fortify our market leading position," Globe Chief Finance Officer Rosemarie Maniego-Eala said.
Globe's rival, PLDT Inc, earlier sold over 5,900 telco towers for P77 billion.