Globe Telecom weighs towers sale

13 Jun 2022

Globe Telecom is reportedly considering the sale of roughly half of its telecoms towers in a deal that could generate as much as USD1.5 billion for the Filipino operator. Unnamed sources who claim to have knowledge of the situation suggest that Manila-based Globe is weighing options to divest some 6,000 of its 12,194 towers and working with advisors to that end as it seeks to gauge interest from prospective buyers. The plan is said to be at an early stage, however, while Bloomberg notes that Globe has not yet received board approval for any sale and leaseback agreement.

As previously reported by CommsUpdate, last month Globe Telecom responded to local press reports suggesting it was to sell its tower assets by claiming it was in no rush to do so. CFO Rizza Maniego-Eala said at the time: ‘We’ve always continued to look out for opportunities with respect to selling our passive assets, which include our towers, and the recent transaction from our competition has made the environment more friendly with respect to selling the towers.’ Whilst the company admitted it had been looking into the possibility of monetising its tower asset portfolio for the past four years or so, it is not racing to replicate rival PLDT Inc.’s PHP77 billion (USD1.46 billion) sale and leaseback agreement inked in April 2022. ‘At the moment, we are continuing to focus on partnering with the same tower companies in a built-to-suit effort to help us with our continued build,’ Maniego-Eala said.