PLDT sells more cell towers in P9.2-B deal

Pangilinan-led PLDT Inc. announced on Friday that it had entered into a P9.2-billion sale and leaseback agreement with Unity Digital Infrastructure Inc., a move seen to make the telecommunication player’s operations more cost-efficient.

The deal involves 650 towers located in Visayas and Mindanao. Including this transaction,  PLDT has already placed more than 6,500 towers, amounting to a total of P86 billion, under a sale and leaseback deal.

“This transaction deepens our relationship with Unity and its shareholders, while allowing PLDT to further unlock value, and providing us with additional financial and operational flexibility as we further expand across the Philippines,” PLDT chair Manuel V. Pangilinan said.

Unity is an independent tower company backed by Aboitiz InfraCapital and global private markets investment firm Partners Group.