Stonepeak to buy TeleTower from Bitė Group, scaling Baltic towers

Stonepeak has struck an agreement to acquire TeleTower, the towers arm spun out of Bitė Group, in a deal that will establish the Baltics’ first fully independent tower operator. The transaction, announced by the parties today, pairs Stonepeak’s infrastructure capital with Bitė’s local market footprint and Providence’s prior stewardship to accelerate mobile network densification across Lithuania and Latvia.

TeleTower manages a diversified portfolio of more than 2,500 tower and rooftop sites across the two countries. Under the terms announced, TeleTower and Bitė Group will enter a long‑term commercial partnership that includes commitments to deploy more than 1,200 additional sites to expand coverage to remote areas and raise network capacity for 5G services. The deal is expected to close in the second quarter of 2026.

Stonepeak, which manages approximately $80 billion of assets, said the acquisition fits its strategy of backing defensive digital infrastructure with stable, utility‑like cash flows. Nicolò Zanotto, Managing Director and Head of Digital Infrastructure, Europe at Stonepeak, emphasised the opportunity: “Lithuania and Latvia are attractive tower markets with high data consumption and competitive MNO dynamics. TeleTower’s footprint and independence give it a first‑mover advantage.”

For Bitė Group—a telecom and media operator managed by private equity investor Providence Equity Partners—the transaction monetises infrastructure while preserving a strategic partnership to continue network rollout. Pranas Kuisys, CEO of Bitė, noted that since partnering with Providence the group has invested more than €400 million in network infrastructure, helping revenues expand from roughly €200 million to €600 million under Providence’s ownership.

Providence Equity Partners underlined connectivity as a core theme of its portfolio approach. Karim Tabet, Senior Managing Director and Head of Europe at Providence, said the firm sees long‑term fundamentals in the Baltics and welcomed Stonepeak’s operational expertise to drive further value in both TeleTower and Bitė.

Market context: Europe has seen a wave of tower monetisations as operators prioritise capital allocation to spectrum, fibre and services while specialist tower owners scale through rollouts and multi‑tenant strategies. Creating an independent tower platform in the Baltics aligns with that continental trend and could unlock efficiency gains via shared infrastructure, higher tenancy ratios and accelerated 5G coverage. Mobile traffic in the region continues to grow faster than the EU average, supporting demand for denser site footprints.

Operationally, the new TeleTower will be positioned to offer neutral host services to multiple mobile network operators, enterprise customers and private networks. Stonepeak’s backing is likely to enable more active capex for site builds and upgrades, and to support consolidation or co‑location plays in adjacent markets. The parties said the close remains subject to regulatory clearances.

Financial advisers on the transaction included Barclays for Stonepeak and Lazard for Bitė; legal counsel was also retained by both sides. While the purchase price was not disclosed, the strategic importance of the deal for Baltic digital infrastructure and the size of the rollout commitment make it a notable milestone for regional telecom investors and operators.