Canada's BCI to acquire minority stake in Pinnacle Towers

BRITISH COLUMBIA Investment Management Corp. (BCI) has signed an agreement to acquire a minority stake in Pinnacle Towers, a major telecommunications tower operator 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," Pinnacle Towers Chairman and Chief Executive Officer Patrick Tangney said in a media release on Monday.

BCI will acquire the minority stake in Pinnacle Towers from KKR & Co. Inc., which will remain the company’s majority shareholder.

KKR’s interest in Pinnacle Towers comes from its Asia Infrastructure Funds I and II.

The three parties signed definitive agreements for the transaction on Monday. The deal is expected to be completed by the third quarter of the year, subject to regulatory approvals.

Founded in 2020, Pinnacle Towers operates around 7,000 towers across the Philippines. Its core business focuses on the development and operation of telecommunications infrastructure and related assets.