MANILA - PLDT Inc said on Friday its subsidiaries Smart Communications and Digitel Mobile Phils signed a deal for the sale and leaseback of 1,012 telco towers for over P12.1 billion.
In a disclosure to the stock exchange, it said it signed the sale and leaseback deal with Frontier Tower Associates Philippines Inc, a subsidiary of Pinnacle Towers Pte Ltd.
PLDT said the transaction brought the total number of towers monetized via sale and leaseback to over 7,500 for a total of over P98 billion.
“This transaction cements our relationship with one of the largest independent tower companies in the country, providing the Group with another important partner to support our expansion, while unlocking additional value," PLDT Chairman Manuel V. Pangilinan said.
Upon completion of the transaction, Smart will lease back the towers for 10 years at competitive terms as the anchor tenant, the telco said.
A commitment of 500 new points for Smart complemented the deal, which will enable the telco to expand further, PLDT said.
PLDT earlier said it sold over 5,900 towers for P77 billion.