Globe to Sign $700 Million Deal With Huawei, Alcatel-Lucent

Globe Telecom Inc. (GLO) will sign a $700 million agreement with Huawei Technologies Co. and Alcatel- Lucent to modernize its network, Philippine President Benigno Aquino’s communications office said in a statement today.

At least $570 million of the total amount will be spent this year and in 2013, Aquino’s communication office said. Aquino will witness the signing at the presidential palace tomorrow.

To contact the reporter on this story: Joel Guinto at jguinto1@bloomberg.net

To contact the editor responsible for this story: Cecilia Yap at cyap19@bloomberg.net

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