Philippines’ Globe sells telecoms towers for $340 million

Stock Markets 1 hour ago (Sep 26, 2022 09:41PM ET)

© Reuters. FILE PHOTO: A logo of Globe Telecom is seen at a Globe service center in Edsa, Quezon City, metro Manila, Philippines, May 7, 2018. Picture taken May 7, 2018. REUTERS/Dondi Tawatao

MANILA (Reuters) – Philippines’ Globe Telecom (OTC:) Inc said on Tuesday it has signed a deal to sell more than a thousand telecoms towers for 20 billion pesos ($340 million) to fund expansion and pay off maturing debts.

In a disclosure, Globe said it will sell 1,350 towers located in central and southern Philippines, and will lease them back from Phil-Tower Consortium. Globe has so far sold a total of 7,059 towers, raising 91 billion pesos as it unloads passive assets.

($1 = 58.82 Philippine pesos)