Tele2 and Manulife IM-backed GCI partner to create the first pan-Baltic tower company

Global Communications Infrastructure LLC, backed by Manulife Investment Management – which provides global investment services, financial advice, and retirement plan solutions to 19 million individuals – has successfully entered into a 50/50 partnership with Tele2 to carve out telecom infrastructure assets and create the first tower company covering all Baltic countries together. The acquisition is subject to customary regulatory approvals and is expected to be finalised in early 2026.

The transaction enables Tele2 to unlock value in its mobile telecom infrastructure while enabling continued growth and rollout of mobile and 5G services in the region. The transaction values the tower company at EUR 560 million on a debt-free basis, and Tele2 expects cash proceeds of around EUR 440 million. GCI is a tower platform owned by Manulife IM, on behalf of clients, targeting investments in telecom towers globally.

The newly established Baltic tower company based in Lithuania will own tower and rooftop assets in Estonia, Latvia and Lithuania, a total of around 2,700 tower and rooftop sites. Following the transaction, Tele2 will be the anchor tenant under a 20-year Master Service Agreement (MSA), ensuring long-term and secure access to critical infrastructure.

COBALT together with Freshfields LLP provide full legal support to GCI and Manulife IM during the transaction, including conducting legal due diligence of the target, preparing transaction documents, assisting the client in the negotiation process as well as assessing regulatory requirements.

The project was managed by Specialist Counsel Sandra Sidoraitė. The legal team was comprised of experts from COBALT offices in all three Baltic countries.

• Lithuania: Managing Partner Dr Irmantas Norkus, Partners Rokas Daugėla and Rasa Zaščiurinskaitė, Specialist Counsels Sandra Sidoraitė, Aušrys Šliavas, Justinas Šileika, Senior Associates Kostas Grigaitis, Viktorija Varnaitė and Agnė Saliamonė. Related experts: Associate Partner Jovita Valatkaitė and Senior Associate Manvydas Borusas.
• Latvia: Managing Partner Dace Silava-Tomsone, Partners Indriķis Liepa, Sandija Novicka and Uģis Zeltiņš, Specialist Counsels Elīna Ločmele and Kristīne Patmalniece, Senior Associate Mārtiņš Tarlaps, Associates Vadims Zvicevičs, Krista Helmūte and Toms Dreika.
• Estonia: Partners Martin Simovart and Jesse Kivisaari, Specialist Counsel Madis Reppo, Senior Associate Heleri Tammiste. Related experts: Partner Karina Paatsi, Managing Associates Mart Blöndal and Tõnu Kolts, Senior Associates Helen Sool and Heili Haabu, Associates Ken Saksniit and Heivo Reinek, Junior Associates Mary-Liis Mustonen, Tom Suiste and Chris Oliver Rahumägi.