Globe Telecom is attempting to sell tower infrastructures for $1.5 billion

According to the people with knowledge of the matter, Globe Telecom Inc. is considering selling almost half of its telecommunications tower portfolio in a deal that could be valued up to $1.5 billion.

According to the persons, the Manila-listed business is considering incorporating approximately 6,000 of its towers in the planned sale. Its top shareholders include Singapore Telecommunications Ltd. and Filipino giant Ayala Corp. According to the persons, Globe Telecom is working with a consultant to gauge interest from possible buyers before launching a formal selling process.

According to the people, the company’s deliberations are still in the early stages, and the corporation may decide not to proceed with the sale.

A business representative told Bloomberg News that a sale or leaseback transaction of Globe Telecom’s tower assets has yet to get board approval. For its network expansion, Globe Telecom is focusing on cooperating with several tower firms, according to the spokesman.

Globe Telecom’s privatization proposal comes after PLDT Inc. sold its towers to Axiata Group Bhdedotco .’s Group Sdn. and EdgePoint Infrastructure Sdn., backed by DigitalBridge Group Inc., for 77 billion pesos ($1.5 billion) in April. Telecom towers and data centers have increasingly been targets for dealmaking in the region.

In May, Globe Telecom’s chief financial officer Rizza Maniego-Eala told local publication The Philippine Star that the company is still interested in selling its tower assets, and that the recent PLDT acquisition has made the environment more favorable for a sale. According to a press statement, the corporation has a total of 12,194 cell towers as of the end of March.

According to its most recent financial statement, the telecommunications business has a market value of almost $6 billion and has 87.4 million mobile subscribers. Since the beginning of the year, it has put 91 tower firm sites online in 16 countries. Singtel, Globe Telecom’s main shareholder, is supported by Temasek Holdings Pte, a state investment firm.

Via

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