GLOBE Telecom Inc. (Globe) on Thursday said that it had sold another 120 telecommunication towers to Frontier Tower Associates Philippines Inc. (FTAP) for P1.5 billion. In August 2022, Globe signed agreements with MIDC and FTAP for the sale of 5,709 telecommunication towers and related passive infrastructure for approximately P71 billion. Under the agreements, Globe said 2,180 towers would be sold to MIDC for approximately P26 billion, while 3,529 towers would be sold to FTAP for approximately P45 billion. MIDC is an independent tower company specializing in the development, ownership and management of communication towers and infrastructure, offering digital infrastructure solutions to the Philippine market. FTAP, also an independent tower company in the Philippines, is a subsidiary of Pinnacle Towers, an Asia-focused digital infrastructure platform that invests in, builds and operates telecommunication infrastructure with a focus on towers and related assets.
Source: Manila Times December 07, 2023 16:27 UTC