Globe Telecom said it completed the first closing on 800 towers out of the 3,529 towers acquired by Frontier Tower Associates Philippines Inc.
The transaction was completed just over a month after both parties signed the sale and leaseback agreements in August. In August, Globe announced it inked deals with two companies for the sale of over 5,000 towers. Globe said MIDC would acquire 2,180 telecom towers in Luzon for a total consideration of PHP 26 billion. Frontier Tower, meanwhile, will get 3,529 towers for PHP 45 billion.
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