We advised Bitė Lietuva on splitting up its telecommunications and media businesses. From now on, they will each be managed by different holdings. Bitė Group will merge its telecommunications businesses in Lithuania and Latvia, while All Media Group will merge its media businesses in the Baltic countries, including TV3 television, the streaming platform station Go3 and radio Power Hit Radio.
Important step for faster development
“Bitė Group’s business has grown organically and through acquisitions in recent years. We operate in several sectors in the three Baltic countries, so there was a need to streamline activities, separating the management of the telecommunications and media businesses,” says Pranas Kuisys, CEO of Bitė Group, who will also lead the boards of the newly formed holdings.
He adds that creating holdings for separate businesses will allow transparent separation of centralised functions, more precise communication of group results and faster implementation of development activities.
The newly formed holdings will continue to be managed by the global private equity company Providence Equity Partners, which mainly invests in the media, communication, education and technology sectors.
Our services and team
We advised the client on all issues related to splitting up the businesses, including preparation and setting up the conditions and employment-related matters.
Our pan-Baltic team, led by senior associate Matas Mačiulaitis and counsel Jonas Kiauleikis, included partners Evaldas Dūdonis, Indrė Ščeponienė and Laimonas Skibarka, counsels Piret Lappert and Renāte Purvinska, senior associate Aurelija Daubaraitė, associates Goda Jakubauskaitė and Lee Laanemäe, as well as assistant lawyer Barbora Bernatonytė.