Private investment major KKR is investing $1.5bn in Vertical Bridge REIT, in a deal that valuing the business – the largest private owner and operator of communications infrastructure in the United States – at between $10bn and $15bn.
The deal has been structured as a preferred equity investment, with existing backers DigitalBridge and Canadian pension fund La Caisse also participating, the company said in a statement confirming earlier reports.
Vertical Bridge manages a portfolio of more than 17,000 wireless communication tower sites across the US.
The investment is being made primarily through KKR’s core infrastructure strategy and adds to more than $40bn the firm has deployed in digital infrastructure globally.
To date, KKR has invested more than $40 billion in equity in digital infrastructure globally. In a press statement KKR said that the investment builds on the firm’s existing tower portfolio, including Vantage Towers in Europe and Pinnacle Towers in the Philippines, and on past investments such as Telxius and Hivory Towers. KKR is funding its investment primarily through its core infrastructure strategy.
