PLDT Group achieves first closing of sale and leaseback towers deal with Frontier

MANILA, October 2023 – PLDT Inc. (“PLDT”) (PSE: TEL) (NYSE: PHI), the country’s largest integrated telco, is pleased to announce a major milestone in connection with the sale and leaseback of 1,012 telecommunications towers and associated passive telecommunications infrastructure to Frontier Tower Associates Philippines Inc. (“Frontier”) that was announced on March 10, 2023.

The first closing of the transaction was achieved today with the completion of the sale of 230 telecommunications towers to Frontier. A corresponding cash consideration of PHP2.8 billion was received by the PLDT Group.

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

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

The sale and leaseback of towers are in line with the PLDT Group’s strategy to push for an asset-light balance sheet while providing superior network quality and an even better customer experience. It further supports the government’s program of building a strong digital infrastructure program to allow Filipinos to access affordable and reliable internet services.