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PLDT, Frontier completes deal for sale, leaseback tower

Business | The Stock Market

PLDT, Frontier completes deal for sale, leaseback tower

By Khriscielle Yalao

PLDT Inc. announced that it has completed its first sale and leaseback deal for 230 telecommunication towers with the Frontier Tower Associates Philippines Inc. on Oct. 5.

According to the telecommunication company, it received P2.8 billion from Frontier for the sale of the towers.

"The Master Services Agreement covering the leaseback arrangement for those towers also became effective as of today," said PLDT.

The deal was first announced last March 10, 2023, and involves the sale and leaseback of a total of 1,012 PLDT-owned towers to Frontier.

"PLDT expects to transfer additional towers over the next few months as closing conditions are met," it added.

The company said the deal was pushed to provide better network quality and customer service, and stronger digital infrastructure.

Frontier, a subsidiary of Pinnacle Towers Pte. Ltd. (“Pinnacle”), is a digital infrastructure platform focused on the Philippine market. It invests, builds, and operates telecommunication infrastructures such as towers and other assets.

PLDT Group has also made similar sale and leaseback tower deals with other affiliated companies like Unity Digital Infrastructure Inc.

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