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.
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.
Also Read: EdgePoint Philippines Partners With Globe Telecom for Tower and Co-location Expansion
MIDC's Ambition in the Digital Infrastructure Sector
With this tower acquisition, MIDC aims to establish itself as a major player in the digital infrastructure sector, offering sustainable and efficient connectivity solutions across the Philippines.
The partnership between MIDC and Globe Telecom represents a significant step forward in achieving this goal. The recent milestone brings them closer to delivering improved connectivity services to customers, contributing to the country's digital advancement. Globe Telecom has announced in August 2022 that it is partnering with MIDC to sell 7,059 telecom towers in what they call "the largest ever" deal.
