Miescor Infrastructure Development Corporation completed the acquisition of Over 2,000 telecom towers and related passive infrastructure of Globe Telecom, Inc. for PHP 28 billion.
December 08, 2022
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Miescor Infrastructure Development Corporation signed definitive agreement to acquire Over 2,000 telecom towers and related passive infrastructure of Globe Telecom, Inc. for approximately PHP 26.2 billion on August 11, 2022. As of September 23, 2022, Globe closed 800 towers out of the 2,251 to be acquired by MIDC for approximately PHP 10 billion. As on October 14, 2022, Globe closed 701 towers out of the 2,251 to be acquired by MIDC for approximately PHP 8.4 billion. As part of the transaction, MIDC and Globe executed a Master Lease Agreement, under which Globe will be the anchor tenant of the telecom towers for an initial period of 15 years. The Board of Globe Telecom approved the deal on August 11, 2022. As of December 9, 2022, Globe closed 750 towers out of the 2,251 to be acquired by MIDC for approximately PHP 9.5 billion. Proceeds from the sale of the towers will be used to pay down debt, and capital expenditures to support the ongoing network expansion. As of December 20, 2022, globe has transferred 159 more towers to Miescor Infrastructure.
UBS Group AG (SWX:UBSG) acted as financial advisor to Globe Telecom, Inc. Alphaprimus Advisors Inc. acted as financial advisor and O'Neill, Connell of Gibson Dunn and ACCRA Law acted as legal counsel for MIDC. Mark Robinson and Jamie McLaren of Herbert Smith Freehills LLP acted as legal advisor to Globe Telecom, Inc. (PSE:GLO).
Miescor Infrastructure Development Corporation completed the acquisition of Over 2,000 telecom towers and related passive infrastructure of Globe Telecom, Inc. for PHP 28 billion on December 9, 2022.
Globe Telecom, Inc. is a Philippines digital platform company with interests in telecommunications, financial technology, digital marketing solutions, venture capital funding for startups, entertainment, and virtual healthcare. The Companyâs segments include Mobile Communications Services and Wireline Communications Services. The Mobile Communications Services segment provides digital cellular telecommunications services, which includes mobile voice, mobile SMS, and mobile data. The Company offers its mobile communications services to consumers, corporate and small and medium enterprise (SME) clients through a range of brands, including globe postpaid, globe prepaid and touch mobile. The Wireline Communications Services segment provides fixed line voice, corporate data, and home broad band services. It offers a range of fixed line communications services, wired and wireless Broadband access, and end-to-end connectivity solutions customized for consumers, SME, and businesses.
Miescor Infrastructure Development Corporation completed the acquisition of Over 2,000 telecom towers and related passive infrastructure of Globe Telecom, Inc. for PHP 28 billion.