Globe Telecom and MIDC Complete Third Milestone in Tower Acquisition Deal

MIESCOR Infrastructure Development Corporation (MIDC), a joint venture between MIESCOR, a subsidiary of Manila Electric (Meralco), and Stonepeak, a leading infrastructure investment firm, has achieved a significant milestone in its tower acquisition deal with Globe Telecom, Philippines. The deal involves the acquisition of a portfolio of 2,180 telecom towers and related passive infrastructure.

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Also Read: Globe Builds Over 2200 New 5G Sites in 2022

Expanded Tower Portfolio: Additional 160 Towers Acquired

The recent milestone marks the third closing in the agreement, with MIDC acquiring an additional 160 towers valued at P1.92 billion. This brings the total number of transferred towers to 1,020, accounting for 47% of the total value of the portfolio deal, which amounts to P26.2 billion. The newly acquired towers consist of 123 ground-based towers and 37 rooftop towers.

Transforming the Digital Landscape of the Philippines

According to the statement, MIDC is committed to supporting network operators in meeting the evolving needs of businesses and consumers in the digital age. The company aims to transform the digital landscape of the Philippines and provide greater access to digital services for all Filipinos. The achievement of this milestone reflects MIDC’s dedication, and the company looks forward to continuing its collaboration with Globe Telecom to make its shared vision a reality.

Globe Telecom’s Anchor Tenant Agreement

Under the sale and leaseback agreement, Globe Telecom will be the anchor tenant for MIDC’s towers for the first 15 years, based on the master lease agreement. Additionally, MIDC expects to receive 750 build-to-suit towers from Globe Telecom over the next four years, aligning with the government’s Common Tower Policy aimed at improving the country’s information, communication, and technology (ICT) services.