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PLDT reportedly in talks to sell 6000 Philippines towers for $1.5 billion

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Philippines telco PLDT has entered talks with Edgepoint and Edotco to sell 6000 towers in the Manilla area for a sum of $1.5 billion, according to reports.

‘People familiar with the matter’ told Bloomberg that Edgepoint (backed by DigitalBridge and Abu Dhabi Investment Authority) are in talks to buy 3000 towers in the greater Manila area, while Edotco are considering snapping up another 3000 towers outside of Manilla.

Apparently the deals, which could valued at around $1.5 billion, may be reached in the coming days. Bloomberg’s sources added the caveat that ‘talks could still fall apart and no final decision has been made, the people said. Other bidders including private equity firms and industry players remain interested in the assets.’

Bloomberg’s anonymous sources also said the deal would involve PLDT selling the towers and then leasing them back, a move which many telcos globally have been engaged in and is often speculated as one that points to a need to generate money in the short term, since presumably it’s not an aspirational position to rent your own tower infrastructure long term.

In March PLDT put out a release saying its fibre business grew 82% year-on-year to PHP33 billion in 2021, while total revenue for its Home division was up 24% from 2020 – but this didn’t mention the mobile business.

 

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