Local telco PLDT Inc. announced that it closed a massive deal that’s worth over Php12.1 billion for selling and leasing back 1,012 towers to Frontier Tower Associates Philippines Inc.
With the latest transaction, which was made through PLDT’s subsidiaries Smart Communications and Digitel Mobile Phils., the company has now crossed the 7,500 mark in sale and leaseback transactions with an overall worth of more than Php98 billion. The company also made similar transactions last year, most notable of which was the sale of 3,000 towers in June.
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According to PLDT Chairman Manuel V. Pangilinan, the latest transaction strengthens PLDT’s relationship with Frontier, which is considered to be one of the largest independent tower companies in the Philippines. Frontier is a subsidiary of Pinnacle Towers Pte Ltd. based in Singapore.
As for the average consumer, the deal according to Pangilinan means PLDT will have a partner to support its expansion and unlock additional value. This will enable the company to focus on providing the public with services through their core business. As complement of the deal, Smart will commit to 500 new points to gain more network coverage.