MIDC Completes Handover of 701 cell towers – Keeping Staggered Schedule on Track for Completion in 3rd QTR 2023
MIESCOR Infrastructure Development Corporation (MIDC), a joint venture between Manila Electric Company (Meralco) subsidiary MIESCOR and New York-headquartered investment firm Stonepeak, has completed the handover of the initial batch of 701 cell towers.. The transaction is part of MIDC’s larger goal to divest up to 5,000 Globe Telecom cell towers. Financial closing for the transaction was reported at P8.4 billion.
The turnover represents a significant milestone in MIDC’s journey towards completing the divestment of up to 5,000 Globe Telecom cell towers, which will pave way for better telecommunications infrastructure in the Philippines while also unlocking value for shareholders.