GLOBE Telecom Inc. (Globe) said Tuesday it had completed the sale of an additional 25 towers to Unity Digital Infrastructure for P300 million.
In a disclosure, the telco said the transaction was part of a sale and leaseback agreement with Unity where Globe agreed to sell 447 towers for a total of P5.40 billion.
Globe said it had now closed the sale of 307 out of the 447 towers that will be acquired by Unity.
It said the transaction would enable the firm to efficiently raise funds, redeploy capital from passive infrastructure to active equipment, improve balance sheet health and leverage expertise of tower companies.
It also expects an estimated pretax net transaction gain of P1.8 billion.
Globe reiterated that the sale of all of its telecommunications tower assets was on schedule, and that all related transactions would be finished by year-end.
Globe’s share price fell by P166.00 to close at P2,100 on Tuesday.
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