KUALA LUMPUR: Malaysian telecoms firm Axiata Group Bhd<\/a> said its unit edotco<\/a> Group Sdn Bhd has entered an agreement with units of the Philippines' PLDT Inc to acquire telecom<\/a> 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.
In an exchange filing issued on Wednesday, Axiata<\/a> 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)
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