THE PLDT group announced on Wednesday the first closing on its landmark sale and leaseback towers agreement involving 3,012 telecom towers, or more than half of the towers being monetized.

The group received the “corresponding cash consideration of approximately P39.2 billion,” PLDT, Inc. told the stock exchange.

At the same time, the company announced that the master services agreements covering the leaseback arrangements for those towers “became effective.”

“PLDT foresees additional closings in the next few months as the transaction is staggered based on number of towers being transferred, with final closing expected by Q4 (fourth quarter) 2022,” the company noted.

To recall, the group announced in April that its subsidiaries, Smart Communications, Inc. and Digitel Mobile Philippines, Inc., had signed sale and purchase deals in connection with the sale of 5,907 telecom towers and related passive telecom infrastructure for P77 billion to the subsidiaries of international telecommunications infrastructure services companies edotco Group and EdgePoint.

Source: BusinessWorld