PETALING JAYA: edotco Group Sdn Bhd’s subsidiary in the Philippines has inked a 42 billion Philippine peso (RM3.42bil) deal to acquire 2,973 telecom towers in the country through a sale and lease back transaction with subsidiaries of PLDT Inc.

       In a separate agreement, edotco was also granted the commitment to build and develop 750 build-to-suit or BTS sites for leasing to PLDT in the future.

       The telco group, which is a 63%-owned subsidiary of Axiata Group Bhd, said the acquisition would make it the leading tower company in the Philippines with 3,073 towers.

       “This deal is a highly strategic transaction for edotco and is the first step to its market expansion, allowing it to become the number one independent TowerCo in the country.

       “Given that the TowerCo market in the Philippines is still nascent, the transaction provides a critical first-mover advantage with an established and sizeable platform, enabling the company to diversify and strengthen its pan-Asian platform,” it said in a statement yesterday.

       It added that the purchased tower portfolio, one of two being divested by PLDT, was strategically selected for its significant growth and colocation potential that will provide the company with immediate scale and access to a nationwide platform.

       “Being the largest TowerCo in the Philippines, edotco can be instrumental in shaping and developing the communications infrastructure in the country,” said edotco group chairman Datuk Nik Ramlah Nik Mahmood.