In connection with the sale and leaseback of 1,012 telecommunications towers along with associated passive telecommunications infrastructure to Frontier Tower Associates Philippines Inc. (Frontier), which was announced on March 10, 2023, PLDT Inc., the Philippines' largest integrated telco, is happy to announce a significant milestone.
According to a press release published on PSE Edge, the transaction's first closing was completed when the transfer to Frontier of 230 communications towers was completed. An equivalent PLDT Group received PHP2.8 billion in cash in exchange.
The Master Services Agreement covering the leaseback arrangement for those towers also became effective.
Over the coming months, PLDT anticipates transferring additional towers, as closure requirements are satisfied. The PLDT Group's plan to drive towards an asset-light balance sheet while delivering higher network quality and an even better customer experience is consistent with the sale and leaseback of towers. It furthers the government's initiative to create a solid digital infrastructure so that Filipinos can get access to reasonably priced and dependable internet services.
PLDT is the Philippines’ largest fully integrated telco company. Through its principal business groups – from fixed line to wireless – PLDT offers a wide range of telecommunications and digital services across the Philippines’ most extensive fiber optic backbone, and fixed line and cellular networks. PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and its American Depositary Shares are listed on the New York Stock Exchange (NYSE:PHI). PLDT has one of the largest market capitalizations among Philippine-listed companies.
Frontier is a subsidiary of Pinnacle Towers Pte. Ltd. (“Pinnacle”), an Asia-focused digital infrastructure platform with a strong focus on the rapidly growing Philippines market. Pinnacle is backed by leading global investment firm KKR
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