Filipino telecoms heavyweight PLDT reported to the stock exchange today that its subsidiaries Smart Communications and Digitel Mobile have signed a deal with Frontier Tower Associates Philippines, a subsidiary of Pinnacle Towers, for the sale and leaseback of 1,012 telecoms towers for over PHP12.1 billion (USD220.6 million), ABS-CBN News writes. PLDT said the latest transaction brings the total number of towers monetised via sale and leaseback to over 7,500 for a total of over PHP98 billion, following a string of similar deals.
Upon completion of the transaction, Smart will lease back the towers for ten years at competitive terms as the anchor tenant. A commitment of 500 new points for Smart complemented the deal, which will enable the operator to expand further, PLDT said.
PLDT chairman Manuel V Pangilinan declared: ‘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.’