PLDT Inc., the country’s largest integrated telcommunications group, said Friday it made the first closing on the sale and leaseback of 1,012 telecommunications towers and associated passive infrastructures to Frontier Tower Associates Philippines Inc.
The deal was initially announced on March 10.
PLDT said the first closing of the transaction involved the sale of 230 telecommunications towers to Frontier for cash consideration of P2.8 billion.
The integrated telecom group expects to transfer additional towers over the next few months as closing conditions are met.
The sale and leaseback of towers are in line with the PLDT Group’s strategy to push for an asset-light balance sheet, while providing superior network quality and an even better customer experience. It further supports the government’s program of building a strong digital infrastructure program to allow Filipinos to access affordable and reliable internet services
PLDT closes sale of 230 towersfor P2.8B to Frontier Associates
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