Private equity firm KKR is set to invest $400 million to develop and acquire around 2,000 telecoms towers in the Philippines.
The investment has been announced as one of a number struck by the US Department of Commerce under a bilateral trade pact.
In total, the Philippines secured more than $1 billion in commitments from US firms this week after the trade mission, from 22 companies including Google, Microsoft, and Visa.
The investment builds on KKR's existing investment in Pinnacle Towers, the largest independent tower operator in the country. KKR acquired a stake in Pinnacle Towers back in 2020.
By investing in tower infrastructure, KKR is set to provide a digital connectivity boost for the Philippines, which has a population of more than 113 million.
Last year, KKR acquired 1,012 towers from PLDT through Philippines-based Frontier Tower. A year earlier, KKR-backed Frontier snapped up more than 3,500 towers in a sale and leaseback deal with Globe Telecom.
