Dominant telco player PLDT is selling 650 more towers for PHP 9.2 billion, seeing this as a strategic move to improve connectivity across the Visayas and Mindanao.
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| PLDT announces major tower sale |
PLDT selling more towers
In a recent statement, PLDT said it signed agreements for the sale and leaseback of the towers with Unity Digital Infrastructure Inc., backed by Aboitiz InfraCapital.
It noted that the towers involved in the transaction are located in the Visayas and Mindanao.
The group's wireless arm Smart Communications also entered into a Master Services Agreement with Unity. After completing the deal, Smart will lease back the towers for a period of 10 years at competitive terms as the anchor tenant.
This transaction deepens our relationship with Unity and its shareholders, while allowing PLDT to further unlock value, and providing us with additional financial and operational flexibility as we further expand across the Philippines, PLDT Chairman Manuel V. Pangilinan said.
Meanwhile, PLDT and Smart President and CEO Alfredo S. Panlilio said the group expects "expect further enhancements to our network quality, service excellence, and customer experience across the Visayas and Mindanao."
PLDT earlier disclosed sealing tower deals with two other investors.
Closing of all transactions is seen within 2023.
See also: Why do PLDT, Globe sell their towers?
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