SINGAPORE – Global investment firm KKR said on Monday that British Columbia Investment Management Corp (BCI) will acquire a minority stake in Pinnacle Towers, an Asia-based digital infrastructure platform with a focus on the Philippines, from KKR.
KKR said in a statement that it would remain the majority shareholder. It did not disclose the financial details of the transaction, which is expected to be completed by the third quarter of 2025, subject to regulatory approvals.
BCI is a Canadian-based institutional investor with C$250.4 billion ($183.01 billion) in gross assets under management as of March 31, 2024. It manages investments on behalf of the British Columbia pension fund and institutional clients.
“The Philippines represents a compelling market for long-term capital, especially in essential digital infrastructure services,” Lincoln Webb, executive vice president and global head of infrastructure and renewable resources at BCI, said in the statement.
BCI’s infrastructure and renewable resources is a global portfolio with nine active investments in the Asia-Pacific region, including communications tower companies Rakuten Mobile and Altius, the statement said.
Established in 2020, Pinnacle Towers has grown to become the largest independent tower company in the Philippines with around 7,000 towers, it added.
U.S-based KKR first invested in Pinnacle Towers in 2021, according to its website. KKR said in Monday’s statement that it made its investment in Pinnacle Towers from its Asia Infrastructure Funds I and II.
KKR’s Asia Pacific infrastructure platform was established in 2019 and now has about $13 billion in assets under management. – Reuters
