KKR Invests $400 Million in Philippine Telecommunications Tower Business

The US Department of Commerce announced on Wednesday that private equity firm KKR is investing approximately $400 million in telecommunications tower business in the Philippines as planned, ending a two-day trade visit to ASEAN countries.
As part of its investment in Pinnacle towers, KKR will develop and acquire approximately 2000 towers to support digital connectivity across the Philippines. Pinnacle towers has the largest independent telecommunications tower business in the Philippines.
This equity company invested in Pinnacle Towers through its infrastructure fund in 2020. This investment is KKR’s second infrastructure investment in the Philippines and the company’s fourth overall investment focused on the Philippine market.

In 2022, a subsidiary of KKR reached a leaseback agreement with local mobile operator GlobeTelecom to acquire 3529 telecommunications towers for 45 billion pesos (8147.3 million US dollars). Last March, it also purchased an additional 1012 towers from PLDT for over 12.1 billion pesos (218 million US dollars).
“KKR continues to be highly attractive to the vibrant Philippine market and hopes to take more measures to support the country’s national infrastructure and development priorities,” the US Department of Commerce said in a statement.
KKR is part of the first senior US trade and investment delegation led by US Secretary of Commerce Gina Raimondo.
The trade delegation starting on Monday includes executives from 22 US companies, including Google, Microsoft, Visa, UPS, and Mastercard, who have pledged to invest over $1 billion (56 million Philippine pesos) in the Philippines. These investments will be concentrated in areas such as solar energy, electric vehicles, and digitalization.
On Monday, Raimondo said at a press conference in Manila, “These companies have announced investments of over $1 billion in the United States, including creating educational opportunities for over 30 million Filipinos through digital skill enhancement and artificial intelligence training.”