on Tuesday. Following the sale, PLDT said its unit Smart Communications will lease the facilities from the new owners.
“This partnership with experienced international tower companies represents another milestone in PLDT’s strategic transformation,” PLDT chairman Manuel Pangilinan said in a statement. “We expect to reap the benefits in terms of a valuation uplift and capital reallocation with PLDT applying the proceeds to deleverage, further invest in the network, and return cash to shareholders via a special dividend.
The transaction will be completed on a staggered basis, with the first closing expected next month and the second closing in the fourth quarter of this year.
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