KKR is investing a further $400m (€366m) in Pinnacle Towers to develop telecom towers in the Philippines.
KKR first invested in Pinnacle Towers in 2020 and stepped up its investment two years later when it acquired PHp45bn (€734m) worth of mobile communications towers in the Philippines from Globe Telecom.
Since then, with capital injection from KKR, Pinnacle has expanded its operations to Bangladesh when it acquired AB HighTech.
David Luboff, partner and head of Asia Pacific infrastructure at KKR, said: “The telecommunications sector in the Philippines has grown rapidly in the past few years amid the increasing demand for connectivity. This has led to a resource imbalance and the need to expand existing infrastructure to allow operators to provide better service and coverage to their customers.
“Our investment in Pinnacle reiterates our commitment to addressing this need and supporting the Philippines’ transition to a connected, digital nation.”
Patrick Tangney, chairman and CEO of Pinnacle, said: “KKR’s investment comes at a pivotal time: the Philippines – and Asia more generally – is one of the world’s fastest-growing and most dynamic mobile markets. Improving telecom infrastructure has become a key priority, especially in our current environment.”
The KKR commitment is part of a billion-dollar of investment pledges by US companies which accompanied Secretary of Commerce Gina Raimondo on what had been described as a first-of-its-kind Presidential Trade and Investment Mission to the Philippines.
Another US company, InnovationForce, is in talks to form a new partnership with the Philippines’ largest owner and operator of renewable energy, AboitizPower, according to the US Commerce Department.
Ally Power, a Maryland startup, announced a more than $400m agreement with MPower (the Philippines’ largest electric retail supplier) to collaborate and build a hydrogen and electric refuelling station.
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