One of the largest infrastructure transfer deals in the Baltic States in the last decade was signed just before Christmas – Bitė sold its telecom tower infrastructure in Lithuania and Latvia to the US private investor, Stonepeak.
Stonepeak, a leading global alternative investment firm specializing in infrastructure and real assets, has entered into an agreement to acquire TeleTower, the telecommunications towers business of Bitė Group, operating across Lithuania and Latvia. The transaction represents one of the largest infrastructure divestments in the Baltics in the past decade and will create the first fully independent tower operator in the region. It also marks the beginning of a long-term strategic partnership between Stonepeak and Bitė Group focused on continued investment in mobile network infrastructure across Lithuania and Latvia.
Established in 2009, TeleTower manages a diversified portfolio of more than 2,500 tower and rooftop sites across Lithuania and Latvia, with strong coverage in major urban and strategic locations. Following completion of the transaction, TeleTower and Bitė Group will enter into a long-term commercial agreement, including commitments to roll out more than 1,200 additional sites, supporting increased network density, improved connectivity in remote areas and the further expansion of 5G services.
The transaction is expected to close in the second quarter of 2026, subject to customary regulatory approvals. Barclays served as financial advisor and Simpson Thacher & Bartlett LLP and COBALT served as legal counsel to Stonepeak.
The COBALT project team was managed by Specialist Counsel Sandra Sidoraitė. The team consisted of experts from COBALT offices in Lithuania and Latvia.
Lithuania:
- Managing Partner Dr Irmantas Norkus; Partners Eva Suduiko and Dr Paulius Markovas; Associate Partner Rasa Mikutienė; Justinas Šileika, Aušrys Šliavas and Julija Beldeninovienė; Managing Associate Renata Vasiliauskienė; Senior Associates Kostas Grigaitis, Manvydas Borusas, Rugilė Šiaulytė, Viktorija Varnaitė and Agnė Saliamonė; Associates Ieva Milkamanavičiūtė, Greta Linartaitė and Kamilė Valužytė; and Assistants Vitold Dvorak and Dainius Timukas.
Latvia:
- Managing Partner Dace Silava-Tomsone; Partners Indriķis Liepa and Gatis Flinters; Specialist Counsels Elīna Ločmele and Kristīne Patmalniece; Senior Associates Agnese Gerharde, Juta Meimere, Mārtiņš Tarlaps, Inga Tenisa and Sabīne Zaula; Associates Toms Dreika, Krista Helmūte, Vadims Zvicevičs; Junior Associate Kārlis Ošs.
COBALT is pleased to have supported Stonepeak in this landmark transaction, which is expected to have a lasting impact on the development of digital infrastructure in the Baltic region.
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