Globe Telecom has confirmed it has signed an agreement to sell over a thousand of its telecoms towers in a deal that will rake in 20 billion pesos ($340 million) for the company.

The Philippines operator has agreed to sell 1,350 of its towers, and will lease them back from Phil-Tower Consortium.

Mobile base stations, towers
– Thinkstock / 23d7d4d_101

These towers are mainly located in central and southern Philippines in Visayas, and Mindanao, and will be leased back to Globe for an initial of 15 years.

This latest agreement takes the total number of towers sold to 7,059 after the company sold 5,709 cellular towers in a deal worth 71bn pesos ($1.28bn) last month. Globe Telecom has looked to fund expansion, and raise money to pay off maturing debts.

Earlier this year Globe's domestic rival PLDT agreed on the sale and leaseback of nearly 6,000 towers for 77 billion pesos ($1.5 billion). PLDT has also explored the idea of selling its data center unit but has cooled on the idea.

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