Philippines-based operator Globe Telecom revealed it penned a deal to sell over a thousand telecom towers for PHP20 billion (US$340m) to Phil-Tower Consortium, continuing its strategy to fund expansion.
Reuters reported, the operator will sell over 1,350 towers located in central and southern Philippines. The money will also be used to cover maturing debts.
Phil-Tower Consortium is a regional group with a presence in the Philippines, Malaysia, Indonesia and Myanmar. It will lease the towers back to Globe, which has so far sold off 7,059 towers raising PHP91 billion from its passive assets.
Globe raised PHP71 billion from over 7,000 towers in August to MIESCOR Infrastructure Development Corporation and Frontier Tower Associates Philippines, in separate leaseback deals.