PLDT Inc., the largest telecommunications group in the country, said Tuesday it has closed the first transaction under the sale and leaseback agreement for its telecommunications towers to Unity Digital Infrastructure Inc.
The first closing of the transaction involves the sale of 135 towers to Unity at a price of P1.9 billion. The closing also kicks off the leaseback arrangement for those towers.
The sale and leaseback agreement signed in December involves 650 towers and associated telecommunications infrastructures valued at P9.2 billion. The towers will be leased back by PLDT unit Smart for 10 years.
PLDT expects to transfer additional towers over the next few months as closing conditions are met, with all transfers expected to be completed in 2023.
It said the Master Services Agreement covering the leaseback for 135 towers also became effective became effective on 16 May 2023.
Upon completion of the transaction, Smart will lease back the towers for a period of 10 years at competitive terms as anchor tenant.
The sale and leaseback is complemented by a commitment to build 220 new towers.
PLDT earlier signed a share purchase agreement with the subsidiary of Pinnacle Towers Pte. Ltd. for 1,012 telco towers and associated passive infrastructure in Luzon for P12.1 billion.
The transaction, which is expected to be completed this year, brings the total number of towers monetized via sale and leaseback transactions to over 7,500 for a total consideration of more than P98 billion.
