Herbert Smith Freehills has advised Philippine telecommunications company Globe on its $1.28 billion sale of 5,709 mobile towers to Frontier Tower Associates Philippines (FTAP) and Miescor Infrastructure Development Corporation, with Skadden Arps Slate Meagher & Flom and Gibson Dunn acting for the buyers.
News website Rappler said Globe was in talks to sell 1,350 more towers, in what will be the largest-ever sale-and-leaseback transaction in the Philippines.
Of the initial batch of 5,709 towers, FTAP will acquire 3,529 and Miescor will acquire 2,180. Globe will invest 75 percent of the proceeds in its digital platform, while the remaining 25 percent will be diverted to meet its debt repayment.
The Herbert Smith Freehills team was led by partners Mark Robinson and Jamie McLaren in Singapore.
The Gibson Dunn team representing Miescor was led by partners Connell O’Neill and Patricia Tan Openshaw in Hong Kong, while the Skadden team advising FTAP was led by partners Jonathan Stone in Hong Kong and Rajeev Duggal in Singapore.
