MIESCOR Infrastructure Development Corporation (MIDC), a joint venture of Manila Electic Co. (Meralco) subsidiary MIESCOR and Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, has achieved the third closing milestone for its tower acquisition deal with Globe Telecom, Inc. involving a portfolio of 2,180 telecom towers and related passive infrastructure.
The latest milestone, which saw MIDC acquire an additional 160 towers valued at P1.92 billion, brings the total number of transferred towers to 1,020 to date, representing 47% of the portfolio deal’s total value of P26.2 billion. The additional towers transferred to MIDC consists of 123 ground-based towers and 37 rooftop towers.
“We are dedicated to supporting network operators in meeting the evolving needs of businesses and consumers in this rapidly evolving digital age. Our shared goal is to transform the Philippine digital landscape and enable greater access to digital services for all Filipinos. This achievement is a testament to our unwavering dedication, and we look forward to continuing our fruitful collaboration with Globe to make our shared vision a reality,” MIDC President and CEO Helen Grace T. Marquez said.
Ricky Steyn, MIDC Chief Operating Officer also stated “The completion of the third tranche of tower acquisition demonstrates our dedication to expanding our footprint and supporting the ever-growing demand for reliable connectivity across the country. We now look forward to delivering the best-in-class services to our esteemed customers, leveraging our strengthened network infrastructure to provide seamless and exceptional connectivity experiences.”
Under the sale and leaseback agreement, Globe will be the tower company’s anchor tenant for the first 15 years based on the master lease agreement. Additionally, MIDC expects 750 build-to-suit towers from Globe to be delivered over the next four years, in line with the government’s Common Tower Policy to improve the country’s information, communication, and technology (ICT) services.
With this acquisition, MIDC aims to become a major player in the digital infrastructure sector, providing sustainable and efficient connectivity solutions across the Philippines. The company’s partnership with Globe Telecom marks a significant step forward in realizing this goal, with the latest milestone bringing the two companies closer to delivering improved connectivity services to customers.
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About MIESCOR
Incorporated in December 1973 as a subsidiary of the Philippines’ largest power distributor Meralco, MIESCOR is one of country’s leading service providers of engineering, procurement, consulting, constructions, and operations and maintenance service. It holds the highest contractor Philippine Contractor Accreditation Board license of “AAAA” in general engineering, building, and specialty electrical, mechanical and communication facilities. Operating throughout the country and in other parts of the world, it handles complex and logistically challenging projects in the telecommunications, energy, and water utility sectors. MIESCOR has two subsidiaries, MIESCOR Builders, Inc., which offer general engineering, electrical, civil, and mechanical services, and MIESCOR Logistics, Inc., which provides logistics services in construction, maintenance management, transport, and manpower. Further information is available at www.miescor.ph
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $53.4 billion of assets under management as of December 2022. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include communications, energy transition, transport and logistics, and social infrastructure. Stonepeak is headquartered in New York with offices in Austin, Hong Kong, Houston, London, and Sydney. For more information, please visit www.stonepeak.com.
