Login
Globe Telecom sells off 1,000+ mobile towers
Herbert Smith Freehills has advised Globe Telecom on the sale of 1,350 mobile towers.
Emma Musgrave
Firms: Herbert Smith Freehills (Globe Telecom); Undisclosed (Phil-Tower Consortium)
Value: US$340 million
Area: Corporate; technology, media and telecommunications (TMT)
Key players: The team advising Globe Telecom was led by Singapore corporate partners Mark Robinson and Jamie McLaren and senior associate Theodore Heng, with assistance from Kuala Lumpur associates Audrey Siew and Prakash Selvam and Singapore associate Pamela Wong.
Deal significance: Globe Telecom is a pre-eminent Philippine digital platform company.
It is described as a leading digital platform in the Philippines, with major interests in telecommunications, financial technology, digital marketing solutions, venture capital funding for start-ups, entertainment, and virtual healthcare. Its principal shareholders are Ayala Corporation and Singtel.
Meanwhile, PhilTower is an independent tower company in the Philippines backed by Macquarie Capital, the advisory, capital markets and principal investment arm of Macquarie Group.
According to a statement from Herbert Smith Freehills, the sale of Globe’s mobile towers follows two earlier transactions signed by Globe last month — on which Herbert Smith Freehills also advised the company — for the sale of 5,709 mobile towers for an anticipated PHP71 billion (US$1.28 billion).
“Taken together, these three transactions represent a deal total of US$1.62 billion — the Philippines’ largest ever mobile towers deal series,” HSF said.
Commenting further, joint sector lead partner for TMT Mark Robinson said: “South-east Asia’s towers market has been extremely active this year, as mobile operators continue to monetise assets for 5G and other investments.
“The market has been heating up as more infrastructure and financial investors and their platforms focus on digital infrastructure.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
Email Emma on:
