MANILA (Reuters) – Private equity firm KKR & Co (NYSE:) will invest $400 million to operate and expand telecommunications towers in the Philippines, the U.S. Commerce Department said on Wednesday, among a slew of $1 billion investment deals announced in Wednesday. landmark trade mission.
KKR will develop and acquire about 2,000 telecommunications towers to support digital communications throughout the Philippines, the agency said in a statement following a two-day trade and investment mission led by US Commerce Secretary Gina Raimondo.
In 2022, KKR’s unit acquired 3,529 telecom towers for 45 billion pesos ($814.73 million) in a sale and leaseback deal with Philippines’ Globe Telecom (OTC:) Inc. KKR’s unit bought another 1,012 towers for more than P12.1 billion from PLDT. (NYSE:) Inc.
The US Department of Commerce announced more than $1 billion in US investment in the Philippines during a trade mission attended by executives from 22 companies, including United Airlines, Alphabet (NASDAQ:), Google, Visa (NYSE:) and Microsoft (NASDAQ: ). .
Ally Power, a Maryland startup, announced a more than $400 million agreement with power distribution unit Manila Electric Co to build a hydrogen and electric fueling station.
Microsoft is working with the Philippine central bank and the departments of budget and trade to determine how its artificial intelligence products can improve agency productivity, the Commerce Department said.
The United States is seeking to deepen defense and economic ties with the Philippines amid China’s more aggressive behavior in the South China Sea.
($1 = 55.2330 Philippine pesos)