We advised Bitė Group, the leading telecommunications and media group in the Baltics, on the sale of its communications towers company TeleTower to global private equity firm Stonepeak. The transaction will create the first fully independent tower company in the region and represents the beginning of a strategic partnership dedicated to investing in the Baltic mobile networks and improving end-customer experience.
Established in 2009, TeleTower operates a diversified portfolio of more than 2,500 tower and rooftop sites across Lithuania and Latvia. Following the transaction, TeleTower and Bitė will enter into a long-term agreement to construct more than 1,200 new towers and antenna sites to increase network density, provide improved connectivity to remote areas, and deliver 5G speeds to customers, as mobile data usage in the region continues to outpace Europe more broadly.
As reported by Bitė Group, the total deal value is EUR 480 million, corresponding to a valuation multiple of 16x EBITDAaL (EBITDA after leases) based on TeleTower 2025PF financials. This makes it the third-largest M&A deal by announced value in the Baltics this year. Attracting Stonepeak, which is a major global private equity player specialising in infrastructure and real assets, with approx. USD 80 billion of assets under management, is a notable milestone for the Baltics as well. The transaction is expected to close in the second quarter of 2026.
“At every stage of our development, we have aimed to deliver maximum value to our customers while enhancing mobile and fixed connectivity, as well as broadening our offering with Pay TV services,” said Pranas Kuisys, CEO at Bitė Group. “Since we first partnered with [our current shareholder] Providence, we have invested more than EUR 400 million in our infrastructure to achieve this goal by building out 4G and 5G networks and delivering high-speed connectivity. Welcoming investment from a global strategic investor such as Stonepeak, combined with our future strategic partnership with TeleTower, reflects our continued commitment to these objectives.”
“Lithuania and Latvia represent attractive, nascent tower markets given the sustained high levels of mobile data usage and competitive landscape between mobile network operators within the region,” said Nicolò Zanotto, Managing Director and Head of Digital Infrastructure, Europe at Stonepeak. “We believe TeleTower is poised for success given its diversified portfolio, state-of-the-art infrastructure, and first-mover advantage as the region’s first independent tower company.”
“This deal is yet another sign of confidence in the Baltics as an attractive region for investment and marks a new stage of development for the Baltic telecom market. We have been privileged to assist our long-term client Bitė on this strategic transaction for the group and our region,” comment Sorainen partners Laimonas Skibarka and Simonas Skukauskas.
Our team and services
The Sorainen team performed legal vendor due diligence of TeleTower and advised on the transaction agreements, alongside A&O Shearman and Paul Weiss. Our team was led by partners Laimonas Skibarka and Simonas Skukauskas, counsel Jonas Kiauleikis and senior associate Simonas Šlitas.
Other team members in Lithuania included partner Augustas Klezys, counsels Vitalija Impolevičienė and Andrius Šimkus, senior associates Julius Raškauskas, Mindaugas Černiauskas and Mindaugas Baniulis, associates Andrius Pilitauskas, Morta Šablevičiūtė, Goda Jakubauskaitė and Dominykas Kulakas. In Latvia, the team included partners Jorens Jaunozols, Rūdolfs Eņģelis and Nauris Grigals; counsels Natālija Grāvele and Inese Heinacka; senior associate Andris Vilisons, as well as assistant lawyers Gabriela Mora Petroviča, Kristīne Ilga Budkēviča, Herta Cēsniece, Mariuss Raits Bergmanis.
