Tele2 AB (“Tele2”) entered a 50/50 partnership with Global Communications Infrastructure LLC (“GCI”) backed by Manulife Investment Management (“Manulife IM”) to carve out telecom infrastructure assets and create the first tower company covering all Baltic countries. The transaction values the tower company at EUR 560 million on a debt-free basis. Tele2 expects cash proceeds of around EUR 440 million.
The newly established Baltic tower company based in Lithuania will own around 2,700 tower and rooftop assets in Estonia, Latvia and Lithuania.
The transaction will enable continued growth and rollout of mobile and 5G services in the Baltics. The parties have also committed to a 10-year investment plan to build new sites across the Baltics. This will support continued expansion and improved network coverage. The transaction is subject to customary regulatory approvals and is expected to be finalised in 2026.
TEGOS Baltic team contribution
TEGOS supported Tele2 across the Baltics with vendor due diligence and legal, regulatory, real estate, corporate and tax planning matters, in close cooperation with Perella Weinberg Partners, Clifford Chance and Deloitte.
The Lithuanian team: managing partner Vilius Bernatonis, partners Marijus Kriščiūnas and Dainius Stasiulis, associate partners Indrė Vickaitė-Liatukė and Elena Mickevičienė. Also, junior associates Domantas Vilys, Meda Stankutė and Neda Baublytė.
The Latvian team: partners Linda Štrause and Andra Rubene, senior associates Vladlena Rudusāne, Aija Kreicberga, Anna Vaivade, Rūdolfs Vilsons and legal assistants Samanta Koha and Agate Dērveniece.
The Estonian team: managing partner Sander Kärson, partner Peeter Viirsalu, associate partner Indrek Ergma, counsel Mari Anne Rohtla. Senior associates Grete Lind, Siret Saks and Vitali Šipilov, as well as associates Ingeri-Helena Kakko and Artur Piisang also contributed to the project.
More information on the transaction available here.
About Tele2
Tele2 AB is a provider of mobile and fixed connectivity, telephony, data network services, TV, streaming and global IOT services. It is headquartered in Sweden and is a major mobile network operator in Sweden, Estonia, Latvia and Lithuania.
About Manulife
As part of Manulife Financial Corporation, Manulife Wealth & Asset Management provides global investment, financial advice, and retirement plan services to 19 million individuals, institutions, and retirement plan members worldwide.
About GCI
GCI is a tower platform owned by Manulife IM, on behalf of clients, targeting investments in telecom towers globally.
