British Columbia Investment Management Corp. (BCI) has agreed to acquire a minority stake in Pinnacle Towers, an independent telecommunications infrastructure platform in the Philippines, as part of a broader push into Asia’s digital infrastructure space.
The transaction will see BCI join global investment firm KKR as a strategic partner in Pinnacle Towers, which KKR will continue to control.
Financial terms were not disclosed. The deal is expected to close in the third quarter, subject to regulatory approvals.
Pinnacle Towers, founded in 2020, has grown to become the largest independent tower company in the Philippines with a portfolio of approximately 7,000 towers, including contracted sites.
The platform specializes in build-to-suit and sale-and-leaseback tower solutions for mobile network operators, and also provides asset management and ancillary services.
The investment marks BCI’s ninth infrastructure transaction in Asia-Pacific and follows similar bets in high-growth digital sectors, including Rakuten Mobile in Japan and India-based tower operator Altius.
The Canadian pension fund manager is sharpening its focus on emerging markets as it looks to deploy long-term capital into essential service platforms with stable cash flows and scalable growth.
The Philippines, with its expanding mobile user base and government push for digital inclusion, continues to attract infrastructure capital.
Tower companies like Pinnacle have benefited from increased carrier demand and regulatory changes encouraging network sharing and outsourcing of passive infrastructure.
KKR made its initial investment in Pinnacle through its Asia Infrastructure Funds I and II. The firm has built a US$13 billion infrastructure platform across Asia Pacific since launching its strategy in 2019, targeting assets in telecom, energy, and transport sectors.
Pinnacle Towers plans to use the new capital to accelerate its buildout and explore regional opportunities.
The platform is part of a growing trend of infrastructure specialists backing tower assets in Southeast Asia as mobile data usage, 5G deployment, and digital service penetration continue to rise.
KKR, BCI, and Pinnacle representatives said the deal reflects long-term confidence in the region’s digital economy and the value of resilient, mission-critical infrastructure.
Business News Asia