GLOBE Telecom, Inc. has completed the sale of 33 towers to Unity Digital Infrastructure, Inc  for P396 million, the telecommunications company said on Tuesday.

In total, Globe has closed the sale of 282 towers out of 447 towers to be acquired by Unity Digital. 

Proceeds from the transaction will fund Globe’s capital expenditures, debt repayments and improve the company’s overall balance sheet.

In 2023, Globe signed a sale and leaseback agreement with Unity Digital Infrastructure for the sale of 447 towers valued at a total of P5.4 billion.

The telecommunications company said it anticipates a pre-tax gain of P1.8 billion from the transaction.

Unity Infrastructure is a joint venture telecommunications infrastructure platform of Aboitiz Infracapital, Inc. and global private markets firm Partner Group.

This year, Globe is allocating a total of $1 billion for its capital expenditures which will be funded by internally generated funds, debts, and proceeds from its tower sales.

At the local bourse on Tuesday, shares in the company climbed 0.74% or P13 to end at P1,768 each. — Ashley Erika O. Jose