British Columbia Investment Management Corporation (BCI) has invested an unspecified amount to acquire a minority stake in Philippine telecom tower firm Pinnacle Towers from KKR.
Pinnacle Towers, established in 2020, has scaled to become the largest independent tower company in the Philippines with around 7,000 towers.
Lincoln Webb, EVP and global head of infrastructure and renewable resources, BCI, said: “The Philippines represents a compelling market for long-term capital, especially in essential digital infrastructure services. This investment aligns with our emerging markets strategy of backing high-quality infrastructure assets alongside strong institutional partners.”
KKR first invested in Pinnacle Towers in 2020. Since then, with capital injection from KKR, Pinnacle has expanded its operations to Bangladesh when it acquired AB HighTech.
Projesh Banerjea, managing director, infrastructure, KKR, said: “Since our initial investment, we have collaborated closely with Pinnacle Towers’ outstanding management team to deepen the platform’s capabilities and scale its presence organically and through bolt-on acquisitions.
“We are delighted to welcome BCI, who share our long-term vision and commitment to developing critical digital infrastructure, as strategic partners and look forward to building on Pinnacle Towers’ strong growth momentum.”
Patrick Tangney, chairman and CEO of Pinnacle Towers, said: “Over the last five years, with the support of KKR, Pinnacle Towers has grown to become the leading independent tower company in the Philippines.
“BCI’s investment marks an important milestone in our journey and is a strong endorsement of our mission. With BCI and KKR as strategic partners, we are well-positioned to continue driving greater digital connectivity in the Philippines and across the region.”
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