British Columbia Investment Management Corp. (BCI), a Canadian investment company, said it will acquire a minority stake in Pinnacle Towers, a digital infrastructure platform focused on the Philippines, the companies said Monday.
The transaction is expected to close by the third quarter of 2025, pending regulatory approvals.
Global investment firm KKR will remain the majority shareholder in Pinnacle Towers, which was established in 2020 to build and manage telecommunications towers in the Philippines.
It operates about 7,000 towers, making it the largest independent tower company in the country.
“The Philippines represents a compelling market for long-term capital, especially in essential digital infrastructure services,” said Lincoln Webb, executive vice president and global head for infrastructure and renewable resources at BCI.
Projesh Banerjea, managing director for Infrastructure at KKR, said BCI shares their “long-term vision and commitment to developing critical digital infrastructure.”
Patrick Tangney, chairman and chief executive of Pinnacle Towers, said the investment from BCI “marks an important milestone in our journey and is a strong endorsement of our mission.”
BCI’s infrastructure and renewable resources portfolio includes nine active investments in the Asia-Pacific region, such as Rakuten Mobile in Japan and Altius in India.
KKR’s investment in Pinnacle Towers comes from its Asia Infrastructure Funds I and II.
KKR’s Asia Pacific infrastructure platform, established in 2019, has about $13 billion in assets under management.
