Stonepeak acquisition creates first independent tower company in the Baltics

Stonepeak has agreed to buy TeleTower, the tower business carved out of Bitė Group, creating the first independent mobile tower company in the Baltic states. TeleTower runs more than 2,500 towers and rooftop sites across Lithuania and Latvia, infrastructure that has until now mostly sat on mobile operators’ balance sheets. Bitė’s owner, Providence Equity Partners, stays invested in the wider operator, while Stonepeak gets a new standalone platform in what it views as an underdeveloped tower market.

Under a long-term partnership, TeleTower and Bitė plan to add more than 1,200 sites over the coming years to thicken network coverage, reach rural areas and support 5G as data use in the region grows faster than the European average. Bitė keeps long-term access to the towers through a commercial agreement, which allows it to focus capital on services and network upgrades after already putting more than €400 million into 4G, 5G and fixed and pay-TV services since teaming up with Providence. The deal, expected to close in the second quarter of 2026 pending approvals, highlights rising investor interest in neutral host tower infrastructure in the Baltics. Barclays advised Stonepeak and Lazard advised Bitė Group.