MIESCOR Infrastructure Development Corporation (“MIDC”) completed the transfer of an additional 154 towers from Globe Telecom, Inc. (“Globe”) on March 14, 2024, bringing the company’s first quarter of the year to a strong close. MIDC now has 1,348 sale and leaseback (“SLB”) sites in its portfolio, consisting of 72% ground-based towers and 28% rooftop towers.
This announcement reflects another milestone in MIDC’s previously announced P26.2-billion acquisition of a portfolio of telecom towers from Globe. With this close, Globe has now transferred 62% of the agreed 2,180-tower portfolio to MIDC. Under the terms of the transaction, Globe will be the tower company’s anchor tenant for the first 15 years based on the master lease agreement.
“We are pleased to announce the successful culmination of the acquisition of 154 tower sites in Globe’s landmark tower Sale and Leaseback deal with MIDC. This achievement marks a significant milestone, bringing us to 62% completion and further advancing our cost transformation program. Through the strategic streamlining of our infrastructure ownership, we aim to allocate resources more effectively towards enhancing the network experience for our customers. Such strategic partnerships are instrumental in solidifying our position as a premier innovator in the country,” stated Rizza Maniego-Eala, Chief Finance Officer of Globe.
Ricky Steyn, interim Chief Executive Officer of MIDC, stated, “We continue to work with our strategic partner Globe to transfer the remaining balance of SLB towers, whilst working with our fellow independent tower companies to strengthen connectivity nationwide.”
MIDC is also currently rolling out new build-to-suit towers for Globe supporting the implementation of the Government’s Common Tower Policy, with the aim to improve the country’s information, communication, and technology (ICT) services.
MIDC Team in Manila celebrating successful tranche closing on March 14th, 2024
Some of the MIDC Management Team pictured with MIDC Interim CEO Mr. Ricky Steyn
