TELCO player PLDT Inc. is pleased to announce a major milestone in connection with the sale and leaseback of 1,012 telecommunications towers and associated passive telecommunications infrastructure to Frontier Tower Associates Philippines Inc. (Frontier) that was announced on March 10, 2023.
The first closing of the transaction was achieved on Thursday, Oct. 5, with the completion of the sale of 230 telecommunications towers to Frontier.
A corresponding cash consideration of P2.8 billion was received by the PLDT Group.
The Master Services Agreement covering the leaseback arrangement for those towers also became effective as of Oct. 5. PLDT expects to transfer additional towers over the next few months as closing conditions are met. (PR)