One of the largest infrastructure transfer deals in the Baltic States in the last decade has been completed – Stonepeak has acquired Bitė Group’s telecom tower infrastructure in Lithuania and Latvia.
Stonepeak, a leading global alternative investment firm specializing in infrastructure and real assets, has completed the acquisition of TeleTower, the telecommunications towers business of Bitė Group, operating across Lithuania and Latvia. The transaction represents one of the largest infrastructure divestments in the Baltics in the past decade and has created the first fully independent tower operator in the region. It also marks the beginning of a long-term strategic partnership between Stonepeak and Bitė Group focused on continued investment in mobile network infrastructure across Lithuania and Latvia.
Following the completion of the transaction, TeleTower and Bitė entered 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..
Throughout the transaction, COBALT worked closely together with the international law firm Simpson Thacher & Bartlett LLP. Our mandate covered legal due diligence, assistance with the transaction documentation, financing and regulatory workstreams across Lithuania and Latvia. We are pleased to have supported Stonepeak in this landmark transaction, which will contribute to the continued development of digital infrastructure across the Baltic region.
The COBALT project team was led by Managing Partner Dace Silava-Tomsone and managed by Specialist Counsel Sandra Sidoraitė and included experts from COBALT offices in Lithuania and Latvia.
COBALT Lithuania:
- Managing Partner Dr Irmantas Norkus; Partners Eva Suduiko, Rasa Zaščiurinskaitė and Dr Paulius Markovas; Associate Partners Rasa Mikutienė, Aurelija Balčiūnė and Jovita Valatkaitė; Specialist Counsels Sandra Sidoraitė, Aušrys Šliavas, Julija Beldeninovienė and Justinas Šileika; Managing Associates Kostas Grigaitis, Manvydas Borusas and Renata Vasiliauskienė; Senior Associates, Rugilė Šiaulytė, Viktorija Varnaitė, Goda Drąsutė, Eglė Tamavičiūtė, Andrius Ankštutis and Agnė Saliamonė; Associates Kamilė Valužytė, Ieva Milkamanavičiūtė and Greta Linartaitė; and Assistant Dainius Timukas.
COBALT Latvia:
- Managing Partner Dace Silava-Tomsone; Partners Indriķis Liepa, Edgars Lodziņš, Sandija Novicka, Uģis Zeltiņš, Toms Šulmanis and Gatis Flinters; Specialist Counsels Elīna Ločmele, Kristīne Patmalniece and Mārtiņš Tarlaps; Senior Associates Agnese Gerharde, Krista Helmūte, Toms Dreika, Juris Grantiņš, Diāna Zepa, Inga Tenisa and Sabīne Zaula; Associates Vadims Zvicevičs and Armands Onzuls; Junior Associate Kārlis Ošs.
COBALT is pleased to have supported Stonepeak and Simpson Thacher & Bartlett LLP in this landmark transaction, which will contribute to the continued development of digital infrastructure across the Baltic region.
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