PLDT Sells Towers to KKR-Backed Frontier for $220 Million (2)

PLDT Inc. agreed to sell a portfolio of telecommunications towers to a firm backed by KKR & Co. for over 12.1 billion pesos ($220 million), as part of a program to divest digital infrastructure assets.

Smart Communications Inc. and Digitel Mobile Phils. Inc., two subsidiaries of the Philippines-based telecom and digital services provider, will sell 1,012 towers and associated infrastructure to Frontier Tower Associates Philippines Inc., according to a statement Friday confirming an earlier Bloomberg News report.

“This transaction cements our relationship with one of the largest independent tower companies in the country, providing the group with ...