PLDT, the Philippines’ largest telecom company, announced on Tuesday that it sold thousands of its telecoms towers to two Malaysian firms for 77 billion pesos ($1.47 billion).
Smart Communications and Digitel Mobile Philippines, both PLDT subsidiaries, have signed deals to sell the telco towers and related infrastructure to tower companies edotco and EdgePoint, PLDT said in a local bourse filing.
“The sale and leaseback will be complemented by a new tower build commitment of 1,500 towers in total over the next few years,” PLDT said.
Proceeds from the sale and leaseback will allow PLDT, partly owned by Japan’s NTT DoCoMo and Hong Kong’s First Pacific Co, to pay debts. Its gross debt had reached $5 billion at the end of 2021.
The transaction will also make EdgePoint and edotco the largest common tower operators in the country, PLDT added.
The sale price is higher than the earlier valuation of over 50 billion pesos ($950 million) and is considered the “largest ever acquisition of assets in the Philippines by international investors.”
© Fourth Estate
® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.