GLOBE Telecom Inc. said Monday that it had completed the sale of 181 towers to MIESCOR Infrastructure Development Corp. (MIDC) for P2.17 billion. Cumulatively, the telco has closed 1,529 out of 2,180 towers to be acquired by MIDC. "The transaction will result in availability of funds for Globe to support future capital expenditures, debt repayments and debt avoidance with the expectation to improve the balance sheet health of the company," the telco said in a statement. In August 2022, Globe agreed to sell then lease back all its 5,709 telecommunications towers and relative passive infrastructure in two deals worth P71 billion.Of the total, 2,180 towers will be sold to MIDC for P26 billion, while the remaining 3,529 will go to Frontier Tower Associates Philippines Inc. for P45 billion. The company said that it expected to recognize an estimated post-tax gain of P13.5 billion from the transaction. Globe earlier reported a net income of P24.6 billion last year, down 29 percent from P34.60 billion in 2022.

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