Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Bitė Group (“Bitė”), a leading telecom operator in the Baltics, announced an agreement by which Stonepeak will acquire TeleTower, Bitė’s towers business in Lithuania and Latvia. Bitė is a portfolio company of Providence Equity Partners (“Providence”), a specialist private equity firm focused on growth-oriented media, communications, education and technology companies. 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 Baltics’ mobile network and improving end-customer experience.
Established in 2009 within Bitė, TeleTower operates a diversified portfolio of more than 2,500 tower and rooftop sites across Lithuania and Latvia, with strong presence in strategic locations in all major Lithuanian and Latvian cities. Following the completion of the transaction, TeleTower and Bitė will enter into a long-term commercial agreement including commitments to roll out more than 1,200 additional 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.
The transaction is expected to close in the second quarter of 2026. Barclays served as financial advisor and Simpson Thacher & Bartlett LLP and COBALT served as legal counsel to Stonepeak. Lazard served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison, A&O Shearman and Sorainen served as legal counsels to Bitė Group.
Nicolò Zanotto, Managing Director and Head of Digital Infrastructure, Europe at Stonepeak
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. 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. We are excited to back TeleTower and look forward to working closely with Bitė to support furthering their strategic objectives in both Lithuania and Latvia.
Pranas Kuisys, the CEO at Bitė
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. Since we first partnered with Providence, we have invested more than €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.
Karim Tabet, Senior Managing Director and Head of Europe at Providence
Connectivity is a core investment theme for Providence. We are proud to have supported Bitė’s development into a leading player in the Baltic telecoms sector, growing revenues from approximately €200 million to €600 million under our ownership through new services such as Go3. We continue to believe the Baltics benefit from strong fundamentals and we look forward to working with Stonepeak to bring their infrastructure expertise to this strategic partnership, adding significant value to both Bitė and TeleTower.
