TEGOS client Tele2 AB (“Tele2”) has successfully completed a landmark transaction to carve out its telecom infrastructure assets business and establish the first pan-Baltic tower company together with Global Communications Infrastructure LLC (“GCI”), backed by Manulife Investment Management (“Manulife IM”).
The newly established Baltic Tower Company UAB, headquartered in Lithuania, will own and operate approximately 2,700 tower and rooftop sites across Estonia, Latvia and Lithuania. Tele2 will act as the anchor tenant under a 20-year Master Service Agreement, securing long-term, stable access to critical telecom infrastructure across the region.
“We are happy to form the first pan-Baltic tower company together with GCI. This move allows us to unlock value in our unique telecom infrastructure, while accelerating continued growth and rollout of 5G services across our three Baltic operations”, says Jean Marc Harion, President and CEO of Tele2.
This transaction represents the largest telecom tower deal in Baltic history. Beyond its scale, the project fundamentally reshapes the regional telecom infrastructure model by consolidating assets across three jurisdictions into a single, investment-grade platform.
The newly formed tower company will implement a 10-year investment programme focused on new site development and expanded coverage, accelerating 5G rollout and strengthening digital infrastructure across the Baltics. The involvement of Manulife IM as institutional investor underscores international confidence in the Baltic region as a unified digital infrastructure market and long-term investment destination.
TEGOS role
TEGOS played a central role in structuring and executing this complex cross-border transaction. The firm orchestrated a simultaneous three-jurisdiction carve-out of passive telecom assets while ensuring uninterrupted network services – a legal and operational undertaking without precedent in the Baltic market.
TEGOS provided comprehensive cross-border advisory across legal, regulatory, real estate, corporate and tax matters. The team conducted cross-border vendor due diligence, structured and implemented the separation of infrastructure assets, prepared and negotiated transaction documentation, and worked closely with Tele2’s in-house legal and finance teams throughout all stages of the process. The firm also cooperated closely with Perella Weinberg Partners, Clifford Chance and Deloitte to ensure seamless execution.
The project was led by Associate Partners Indrė Vickaitė-Liatukė and Elena Mickevičienė, with lawyers from TEGOS offices in Lithuania, Latvia, and Estonia working as an integrated cross-border team.
- The Lithuanian team: Indrė Vickaitė-Liatukė, Elena Mickevičienė, Vilius Bernatonis, Marijus Kriščiūnas, Dainius Stasiulis, Domantas Vilys, Neda Baublytė, Žygimantas Stankevičius, Sebastian Okinczyc and Paulius Liškauskas.
- The Latvian team: Linda Štrause, Andra Rubene, Vladlena Rudusāne, Aija Kreicberga, Anna Vaivade, Rūdolfs Vilsons, Kristaps Dortāns, Mārtiņš Galzons and Samanta Koha.
- The Estonian team: Sander Kärson, Peeter Viirsalu, Indrek Ergma, Helmut Pikmets, Triin Kaurov, Karl Kull, Grete Lind, Siret Saks, Ingeri-Helena Kakko, Sergei Jegorov, Vitali Šipilov, Artur Piisang.
By mobilising a unified Baltic team and delivering consistent advice across three legal systems, TEGOS ensured the smooth implementation of this complex, multi-jurisdictional transaction. The project sets a new benchmark for pan-Baltic infrastructure structuring and execution, further strengthening TEGOS’ position as a trusted adviser on strategically significant cross-border projects in the region.
