A&O Shearman advises Providence Equity and Bité Group on the sale of TeleTower to Stonepeak

The transaction will create the first fully independent tower company in the region and represents the beginning of a strategic partnership dedicated to investing in the Baltics’ mobile network and improving end-customer experience.

Established in 2009 within Bitė, TeleTower operates a diversified portfolio of more than 2,500 tower and rooftop sites across Lithuania and Latvia, with strong presence in strategic locations in all major Lithuanian and Latvian cities. Following the completion of the transaction, TeleTower and Bitė will enter 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.