PLDT achieves first closing on sale, leaseback towers deal

·1 min read

PLDT Inc. announced last April 19, 2022, that its subsidiaries, Smart Communications Inc. (Smart) and Digitel Mobile Philippines Inc. (Digitel), had signed Sale and Purchase Agreements in connection with the sale of 5,907 telecom towers and related passive telecom infrastructure for P77 billion to a subsidiary of EdgePoint and a subsidiary of edotco. Less than one and a half months from the signing of those Sale and Purchase Agreements, PLDT announced today that Smart and Digitel have successfully achieved their first closing by completing the sale of 3,012 telecom towers (representing more than half of the towers being monetized) and receiving the corresponding cash consideration of approximately P39.2 billion. On the same day, the Master Services Agreements covering the leaseback arrangements for those towers became effective. PLDT foresees additional closings in the next few months as the transaction is staggered based on the number of towers being transferred, with final closing expected by the fourth quarter of 2022. (PR)

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