Miescor Infrastructure Development Corporation (MIDC), a joint venture between MIESCOR and Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, on October 13 achieved the first closing milestone for its P26.2-billion tower acquisition of a portfolio of telecom towers from Globe Telecom, Inc. 

On August 12, MIDC announced that it will acquire 2,180 towers and related passive telecom infrastructure from Globe under a sale and leaseback agreement. Under the master lease agreement, Globe will be the anchor tenant of the telco towers for an initial period of 15 years.

MIDC and Globe completed the first closing activities with the handover-takeover of 701 towers, keeping the staggered schedule of tower transfers on track for completion in the third quarter of 2023.

“The MIDC team has been working diligently towards this first close since signing, and we are pleased to have reached this early milestone in our transaction with Globe. We look forward to identifying additional compelling opportunities to invest behind the mobile tower industry in the Philippines and by doing so continue to enhance the region’s digital infrastructure for the communities that depend on it,” said Stonepeak Senior Managing Director and Head of Asia and the Middle East, Hajir Naghdy.

In addition, MIDC is collaborating with Globe on 750 build-to-suit towers, which will be delivered to the company over the next four years and on which Globe will be the anchor tenant. This deal stemmed from the implementation of the government’s Common Tower Policy in a bid to improve information, communication, and technology (ICT) services in the country.

The MIDC-Globe agreement will benefit ordinary consumers as it helps telco companies improve network quality and build a more resilient infrastructure capable of quickly recovering from, if not endure, disasters and other calamities.

“This achievement marks a significant milestone for MIDC as it positions itself to be a major player in the common tower space. MIDC will work tirelessly with the Government and its private sector partners in pursuing more opportunities that will promote the expansion of the country’s digital infrastructure and help hasten the growth of our digital economy," MIDC Chairman Atty. Ray C. Espinosa said.

MIDC, is a licensed independent tower company with the Department of Information and Communications Technology (DICT). This project complements the former's efforts to increase tower density, resulting in significant efficiencies and improved internet connectivity in the Philippines.