Following the announcement in April that it would monetize its tower infrastructure, telecommunications firm PLDT Inc. announced the sale of 3,012 telecom towers for P39.2 billion. The number represents half of the towers the company has planned to either sell or lease.

PLDT also announced that the Master Services Agreements covering the leaseback arrangements for those towers became effective.

As the largest-ever acquisition of assets in the Philippines by international investors, this investment by international tower operators represents a strong endorsement of the country’s recovery from the pandemic and its long-term growth prospects. This pioneer undertaking also supports the Philippine Department of Information and Communications Technology’s goal of improving tower density which will lead to significant efficiencies and improved connectivity across the Philippines.

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PLDT subsidiaries including Smart Communications Inc. and Digitel Mobile Philippines Inc. 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.

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.