Metro Manila (CNN Philippines, June 1) — PLDT Inc. has completed the sale of more than 3,000 telco towers, unlocking ₱39.2 billion in new funds.
Just over a month after the telco giant bared that its subsidiaries inked agreements for the sale of its tower assets, the group said Wednesday that Smart Communications and Digitel “successfully achieved first closing by completing the sale of 3,012 telecom towers.”
PLDT said it received “the corresponding cash consideration of approximately ₱39.2 billion.”
“On the same day, the Master Services Agreements covering the leaseback arrangements for those towers became effective,” it noted in a disclosure.
The group expects additional closings in the next few months, with the final closing seen by the last quarter of 2022.
In April, the Pangilinan-led company disclosed it would pursue the sale of 5,907 towers and related passive telecom infrastructure to foreign investors edotco Group and EdgePoint.
“As the largest ever acquisition of assets in the Philippines by international investors, this investment by international tower operators represents a strong endorsement of the country’s recovery from the pandemic and its long-term growth prospects,” PLDT said, adding the move also complements the government’s aim of boosting tower density in the Philippines.
