PLDT achieves 75% closing of P77B tower sale and leaseback deal

Telco giant PLDT has now closed three quarters of its landmark sale and leaseback towers deal amounting P77 billion.

PLDT said that as of Oct. 3, 75 percent of the 5,907 towers covered by the sale and leaseback transaction had been transferred to Comworks Infratech Corp. and ISOC edotco Towers Inc.

A total cash consideration of P57.7 billion has already been received by the group.

PLDT expects additional closings to happen before the end of the year, with final closing targeted to be finished by the first quarter of 2023.

Proceeds from the sale of the towers will be used by the telco to pay down debt, and support operating and capital expenditures.

PLDT said the sale of telecom towers in addition to the 5,907 towers sold, or committed to be sold, is under evaluation.

PLDT pioneered the sale and leaseback of towers in the country in support of the Department of Information and Communications Technology’s policy to promote the co-location and sharing of common towers aimed at connecting more Filipinos through a more cost-efficient ICT infrastructure.