MIESCOR Infrastructure Development Corporation (MIDC), a joint venture between Manila Electric Co. (Meralco) subsidiary MIESCOR and Stonepeak, announced it will acquire 2,180 towers and related passive telecom infrastructure in the Philippines from Globe under a sale and leaseback agreement valued at PHP26.2 billion ($469 million).
MIDC and Globe likewise executed a Master Lease Agreement, under which Globe will be the anchor tenant of the telco towers at a monthly rate of PHP100,000 ($1,789) per tower for an initial period of 15 years. Globe also provided a firm commitment for 750 additional build-to-suit towers over a period of four years.
The deal marks a significant milestone for MIDC, which aspires to become a major player in the common tower space by servicing the country’s leading mobile network operators.