PLDT Sells Towers for $1.47 Billion in Largest Foreign Purchase

PLDT Inc. raised 77 billion pesos ($1.47 billion) selling half of its telecommunication towers, the largest ever acquisition of assets in the Philippines by international investors, it said.

Part of the proceeds will settle 27.5 billion pesos of debt and pay 9 billion pesos of special dividends, CFO Anabelle Chua said in a briefing. It will also fund cash requirements that would save PLDT from taking on 24.5 billion pesos of additional debt, she said.

PLDT units Smart Communications Inc. and Digitel Mobile Philippines Inc. sold 5,907 telecom towers at about 13 million pesos each, the highest for similar transactions ...