GLOBE Telecom Inc. (Globe) said on Tuesday that it has completed the sale of an additional 25 towers to Unity Digital Infrastructure for P300 million.

The transaction is part of a sale and leaseback agreement with Unity, with Globe agreeing to sell 447 towers for a total of P5.40 billion, the telco said in a statement.

Globe said Unity has now completed the sale of 307 of the 447 towers it will purchase.

It was stated that the transaction will allow the firm to raise funds efficiently, reallocate capital from passive infrastructure to active equipment, improve balance sheet health and benefit from the expertise of tower companies.

An estimated pre-tax net transaction gain of £1.8 billion is also expected.

Globe reiterated that the sale of all telecommunications tower assets is on schedule and all related transactions will be completed by the end of the year.

Globe’s share price fell £166.00 to close at £2,100 on Tuesday.