MIESCOR Infrastructure Development Corporation (MIDC) reached the second closing milestone for its P26.2-billion tower acquisition of a portfolio of telecom towers from Globe Telecom, Inc. (Globe) on December 16.

MIDC closed out 159 more towers valued at P1.9 billion following the initial closing of 701 towers last October 10. This effectively raises the number of transferred towers from Globe to MIDC to 860 with a cumulative value of P10.3 billion, accounting for 39% of the 2,180-tower portfolio deal.

The additional 159 towers transferred to MIDC consists of 120 ground-based towers and 39 rooftop towers. Subsequent closings are expected to materialize in 2023 with the last one expected by the third quarter of next year.

“This latest milestone in our collaboration with Globe brings us closer to realizing our shared mission of improved internet connectivity which is essential in our post-pandemic economic recovery. This will eventually help us achieve our vision of becoming a major provider of sustainable digital infrastructure in the Philippines,” MIDC President and CEO Helen Grace T. Marquez said.

MIDC announced on August 12 that it would acquire 2,180 towers and related passive telecom infrastructure from Globe under a sale and leaseback agreement. Under this, Globe will be the tower company’s anchor tenant for the first 15 years based on the master lease agreement.

MIDC also expects 750 build-to-suit towers from Globe, that will be delivered over the next four years. This agreement resulted from the implementation of the government's Common Tower Policy, with the aim to improve the country's information, communication, and technology (ICT) services.