Telco giant PLDT Inc. has closed the first batch of the nearly-6,000 telecom towers it is monetizing under a sale and leaseback towers deal it signed last April.
PLDT, in a disclosure to the Philippine Stock Exchange, said subsidiaries Smart Communications and Digitel Mobile completed the sale of 3,012 telecom towers, receiving a corresponding cash consideration of around P39.2 billion.
The master services agreements covering the leaseback arrangements for these towers also became effective.
The first closing was achieved in less than one and a half months from the signing of the sale and purchase agreements by Smart and Digitel in connection with the sale of 5,907 telecom towers and related passive telecom infrastructure for P77 billion to Comworks Infratech Corp. and ISOC edotco Towers.
PLDT said additional closings are seen in the next few months as the transaction is staggered based on the number of towers being transferred.
Final closing is expected by the fourth quarter of the year.
“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.
“This pioneer undertaking also supports the Philippine Department of Information and Communications Technology’s goal of improving tower density which will lead to significant efficiencies and improved connectivity across the Philippines,” it added.
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