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.
