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Philippines' mobile leader Globe to sell 5,709 towers for $1.28bn

Company, rival PLDT building war chests to expand as competition heats up

Globe said the bulk of the proceeds from the tower sale will be used to fund network expansion, while a quarter will be used to service debts. (Source photos by Reuters) 

MANILA -- Globe Telecom, the Philippines' mobile leader, said on Friday it will sell 5,709 cellular towers for 71 billion pesos ($1.28 billion), as telecom companies in the country build up their war chests for expansion and competition between them intensifies.

Globe will sell 3,529 towers to Frontier Tower Associates Philippines, a unit of KKR-backed Pinnacle Towers. A further 2,180 will be sold to a joint venture between a unit of Manila Electric and U.S. fund Stonepeak, Globe said.

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