PLDT Inc. is retaining control of its data center ventures amid an ongoing sale of a portion of the business, which could generate more than $1 billion of proceeds for debt repayment.

Speaking to reporters following PLDT’s annual stockholders’ meeting on Tuesday, Chairman Manuel V. Pangilinan said the company hit its intended valuation for the sale.

“Well, we're talking to the final bidder at this stage. We've agreed on the valuation with them. There are a few issues and there are still several open points to be negotiated and agreed upon,” Pangilinan said.

“Hopefully in the next few weeks, we should be able to finalize and convert those discussions into a binding term sheet. So, hopefully, by July, we should have a binding term sheet with this particular investor,” he added.

PLDT was reportedly in discussions with Japan's NTT regarding the sale of its data center assets but Pangilinan refused to disclose the identity of the winning bidder.

Previously, PLDT had indicated that it would consider a real estate investment trust (REIT) listing as an alternative if the negotiations fail.

“(REIT) is too complicated. It will probably take longer and the opportunity will be a bit more expensive. Plain and simple, equity. The data center and the joint venture,” he said.

Presently, ePLDT has 11 data centers, including the hyperscale facility in Sta. Rosa Laguna, the Philippines' first genuine hyperscale data hub.

Last March, ePLDT, an information and communications technology (ICT) subsidiary of PLDT, established VITRO, Inc. — a data center operations company to enhance the customer experience while servicing the needs of hyper scalers and enterprises.