KKR invests in Philippine tower builder Pinnacle Towers

KKR invests in Philippine tower builder Pinnacle Towers

Global investment company KKR announced it will invest in telecoms infrastructure company Pinnacle Towers, a move to capitalise on growing connectivity demand in Southeast Asia.

In a statement, KKR said its investment will be used to strengthen Pinnacle and expand the company’s telecoms infrastructure, at a time of growing demands of Filipino mobile users and users in Southeast Asia.

This is KKR’s second investment in the Philippines and it most notably was one of many big foreign backers to invest in Reliance Jio.

David Luboff, KKR partner and head of Asia Pacific infrastructure, said the Philippines telecommunications sector has “grown rapidly in the past few years amid the increasing demand for connectivity”.

He noted there was a “resource imbalance” and a need to expand infrastructure in the country to enable operators to provide better service, particularly in growing regions such as Visayas and Mindanao.

Patrick Tangney, Chairman and CEO of Pinnacle, said: “We are thrilled to welcome a global investor of KKR’s calibre to Pinnacle, and look forward to benefiting from the firm’s experience in managing telecom infrastructure projects across the world. 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. Together with KKR, we look forward to furthering our goal of providing high-quality telecom infrastructure solutions that improve the lives of mobile users in the Philippines and other relevant markets in Asia Pacific.”

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