The Philippines' largest telecommunications group PLDT Inc. (PSE:TEL) is in talks to sell up to 49% of its data centre business to Japan's Nippon Telegraph and Telephone Corporation (TSE:9432) (NTT), PLDT Chairman Manuel Pangilinan told Reuters on May 7, 2024. The deal could value the data centre business at $750 million, said two people with direct knowledge of the matter, declining to be identified as the discussions were private. PLDT declined to comment on the valuation.

NTT did not respond to a request for comment. PLDT will use the proceeds to cut debt and fund ongoing and new data centre projects, one of the people said. A deal could be reached in the second half of this year, the person said.

PLDT's share price has climbed 5.6% year-to-date, giving the company a market value of $5.09 billion as of May 7, 2024, LSEG data showed. A deal would underscore increasing interest in Southeast Asian data centres as an expanding digital population and the rise of artificial intelligence fuel growth prospects.