Milbank LLP advised British Columbia Investment Management Corporation (BCI) on its acquisition of a minority stake in Pinnacle Towers, an Asia-based digital infrastructure platform focused on the Philippines, from KKR, which will remain the majority shareholder.
Established in 2020, Pinnacle Towers addresses the growing demand for connectivity and telecommunications infrastructure in the Philippines. The platform focuses on three core areas: executing Build-to-Suit (BTS) telecommunications tower projects, managing Sale-and-Leaseback (SLB) assets with leading mobile network operators, and providing ancillary services to industry players. Within five years, Pinnacle Towers has grown to become the Philippines' largest independent tower company, operating approximately 7,000 towers.
"We are pleased to have advised BCI on this strategic investment in Asia's digital infrastructure sector," said Andrew Whan, Milbank Global Corporate partner. "Pinnacle Towers represents an excellent opportunity to participate in the growth of telecommunications infrastructure in one of Asia's most dynamic markets."
"This transaction underscores the Philippines’ emergence as a compelling destination for long-term infrastructure investment," added James Grandolfo, Milbank Corporate Finance and Securities partner and managing partner of Milbank (Hong Kong) LLP. "With its growing economy, a supportive regulatory environment, and its ongoing drive to modernize critical infrastructure, the country offers significant opportunities for global investors seeking exposure to high-growth markets in Asia."
The Hong Kong-based Milbank deal team was led by partners Andrew Whan and James Grandolfo, and included associates Charmaine Yeo, Matthew Leung, Ari Singzon and Julo Lim. Singapore-based partners Giles Kennedy, Terrence O’Donnell and associates Andre Seah and Kris Singh also assisted on the deal. The team was also supported by attorneys in the Tax Group, including partners Max Goodman and Andrew Walker, and associate Michael Rivkin.
