Frontier Towers, the KKR-backed subsidiary of the telecom operator Pinnacle Tower, has agreed to pay 45 billion pesos ($810 million) to acquire 3,539 telecom towers from the Philippines-based telecom giant Globe, according to an announcement.
Globe said the deal with Frontier involves a sale-and-leaseback agreement, where it agreed to lease back the towers over an initial period of 15 years. The tower portfolio being acquired by Frontier Towers is part of the over 7,000 towers that Globe intends to sell.
