PLDT sells 650 towers for $160m

PLDT sells 650 towers for $160m

Hot on the heels of rival Globe’s recent sale, PLDT announced it has sold 650 more towers raising PHP9.2 billion (US$165 million), reported CNN Philippines.

PLDT sold the towers to Unity Digital Infrastructure a company backed by conglomerate Abolitz, in a leaseback deal for 10 years for its mobile operator unit Smart Communications. The towers are located in the islands of Visayas and Mindanao, south of the Philippines.

PLDT Chairman Manuel Pangilinan said: "This transaction deepens our relationship with Unity and its shareholders, while allowing PLDT to further unlock value, and providing us with additional financial and operational flexibility as we further expand across the Philippines."

Earlier this year PLDT signed deals to sell off 5,907 towers to Edgepoint and Edotco raising PHP77 billion.

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