PLDT Inc. is nearing a deal to sell a portfolio of over 1,000 telecommunications towers to a firm backed by KKR & Co. for more than $200 million, according to people with knowledge of the matter.
(Bloomberg) — PLDT Inc. is nearing a deal to sell a portfolio of over 1,000 telecommunications towers to a firm backed by KKR & Co. for more than $200 million, according to people with knowledge of the matter.
The Philippines-based telecom and digital services provider could announce the sale to Frontier Towers as soon as Thursday, said the people, who asked not to be identified as the information is private.
An announcement could be delayed and as with all deals, it could fall apart at the last minute, the people said. A spokesperson for KKR declined to comment.Â
In response to a Bloomberg News query, PLDT President Alfredo Panlilio confirmed the company is nearing the sale, and added that it will make the proper disclosures.
PLDT divested two portfolios of towers in April for about $1.3 billion to units of Edotco Group Sdn. and EdgePoint Infrastructure. The telecom company was considering selling an additional 2,000 towers, Bloomberg News reported in October.
The company, which has a market value of about $5.1 billion, is backed by Japan’s Nippon Telegraph & Telephone Corp. and Hong Kong-based investment firm First Pacific Co., according to data compiled by Bloomberg.
The transaction would be Frontier’s second telecom towers deal in the Philippines in less than a year. Globe Telecom Inc. in August announced a deal to sell two portfolios of towers to Frontier and a Stonepeak Partners joint venture for about $1.3 billion.
–With assistance from Andreo Calonzo.
(Updates with PLDT comment in fourth paragraph, context in last paragraph.)
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