The Philippines-based operator PLDT has reportedly selected two bidders for half of its towers valued at around US$1.5 billion, a move to cut its debt pile.
Sources speaking to Bloomberg have said the Philippines' largest operator has chosen Malaysian tower companies Edgepoint Infrastructure and Edotco Group as the preferred takers of its infrastructure.
Edgepoint is backed by Digital Bridge and the Abu Dhabi Investment Authority, it is looking to acquire 3,000 towers in the greater Manila area. Meanwhile, Edotco’s potential purchase is for 3,000 outside of the capital.
The people close to the matter stressed the deals are not yet final and other bidders including private equity and telecom players remain interested in the assets. Edgepoint declined to comment and Edotco has yet to comment.
PLDT put up its towers for sale last year but chairman Manuel Pangilinan has stressed the operator is not under financial pressure to sell. The company said it is trying to meet financial targets to remain on its course. At the end of 2021, the company had around US$5 billion in debt.
The company claimed to have received offers from six foreign companies for its towers dealer this year.