KUALA LUMPUR, April 20 (Reuters) – Malaysian telecoms firm Axiata Group Bhd AXIA.KL said its unit edotco Group Sdn Bhd has entered an agreement with units of the Philippines’ PLDT Inc TEL.PS to acquire telecom towers for $800 million.
On Tuesday, PLDT Inc said it had signed a deal to sell its 5,907 telecoms towers and related passive telecom infrastructure for 77 billion pesos ($1.47 billion) after edotco and EdgePoint won an auction. nFWN2WH007
In an exchange filing issued on Wednesday, Axiata said edotco through its subsidiary in the Philippines planned to acquire 2,973 towers, valued at 42 billion pesos or 3.42 billion ringgit ($800 million).
The deal, funded through internally generated and external funding, will make edotco the largest independent tower company in the Philippines, the company said.
“With a more balanced portfolio of towers across the emerging and frontier markets, the growth profile of edotco is expected to be more sustainable and predictable,” Axiata said.
($1 = 4.2750 ringgit)
(Reporting by Liz Lee
Editing by Ed Davies)
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This article originally appeared on reuters.com