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Business deals

KKR invests in Philippine telecom tower builder

US fund bets on a sector under pressure from Duterte to improve services

Two women use their mobile phones in Manila. President Duterte wants mobile carriers to improve services.    © Reuters

MANILA--Investment fund KKR has put money into a company building telecom towers in the Philippines, scenting opportunity in a sector that has faced pressure from President Rodrigo Duterte to improve services.

KKR said on Tuesday that it invested in Pinnacle Towers, whose principal subsidiary Frontier Tower Associates Philippines builds independent towers in the Southeast Asian nation. KKR declined to disclose the amount of the investment.

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