British Columbia Investment Management Corporation (BCI) is set to acquire a minority stake in KKR's Pinnacle Towers.

In an announcement earlier this week, KKR revealed it had signed a definitive agreement with BCI, that will see the investment fund take a stake in the Asia-based digital infrastructure firm.

Financial details were not disclosed, nor was the size of the stake, though KKR noted that it will remain the majority stakeholder.

Established in 2020, Pinnacle Towers has become the largest independent tower company in the Philippines with around 7,000 towers.

KKR has been an investor since the same year and announced last year that it would invest $400 million to develop and acquire around 2,000 telecoms towers in the Philippines.

"The Philippines represents a compelling market for long-term capital, especially in essential digital infrastructure services," said Lincoln Webb, executive vice president & global head, infrastructure & renewable resources, BCI.

"This investment aligns with our emerging markets strategy of backing high-quality infrastructure assets alongside strong institutional partners. We look forward to supporting Pinnacle Towers as it continues to enhance digital connectivity and drive meaningful impact across the Philippines.”

KKR established its Asia Pacific infrastructure platform in 2019. Since then, the company said it has $13 billion in assets under management.

"Since our initial investment, we have collaborated closely with Pinnacle Towers’ outstanding management team to deepen the platform’s capabilities and scale its presence organically and through bolt-on acquisitions," added Projesh Banerjea, managing director, infrastructure, KKR.

The transaction is expected to close by the third quarter of this year.