PLDT Inc. yesterday completed the sale of 1,013 telecom towers for P13.2 billion.
PLDT said it has achieved the second closing of the transaction as part of its sale and leaseback tower deal with the subsidiary of EdgePoint and a subsidiary of edotco for a total of 5,907 telecom towers and related passive telecom infrastructure amounting to P77 billion last April.
“Out of the 5,907 telecom towers subject to the sale, the Group has to date completed the sale of 4,025 telecom towers representing 68 percent of the towers portfolio subject to the sale,” PLDT said in a disclosure at the stock exchange.
The first closing was attained last June covering 3,012 telecom towers with a consideration of P39.2 billion having been paid to the PLDT Group.
PLDT said it anticipates additional closings over the next few months based on the number of towers being transferred, with final closing expected by the fourth quarter of 2022.
The transaction involves the sale of 2,934 towers located in Luzon to Comworks Infratech Corp., subsidiary of EdgePoint, for P35 billion and the sale of 2,973 towers to ISOC edotco Towers Inc. located in Luzon, Visayas and Mindanao for P42 billion.
Concurrent with the execution of the sale and purchase agreements, PLDT mobile unit Smart Communications Inc. also entered into master services agreements with the tower companies whereby Smart has agreed to lease back the towers sold in the transaction for a period of 10 years.
Upon completion of the transaction, the two tower companies will become the largest common tower operators in the country.
PLDT continues to invest in its network with P85 billion capital expenditure this year to further expand and improve its network infrastructure. The company reported it has spent a total of P518.5 billion for the last 10 years up to 2021.
