Stonepeak has confirmed that it will acquire Bitė Group’s tower business in Lithuania and Latvia.

The deal, announced just before Christmas, will see Stonepeak snap up Bitė’s TeleTower business in the two countries. Stonepeak notes that the acquisition will create the first independent tower operator in the Baltics.

The announcement follows reports in August that a potential deal was being negotiated.

Financial terms of the deal were not disclosed.

Established in 2009 within Providence Equity Partners-owned Bitė, TeleTower operates more than 2,500 tower and rooftop sites across Lithuania and Latvia.

Once the sale is completed, TeleTower and Bitė will enter into a long-term commercial agreement, which includes a commitment to roll out more than 1,200 additional sites to increase network density and provide improved connectivity to remote areas.

“Lithuania and Latvia represent attractive, nascent tower markets given the sustained high levels of mobile data usage and competitive landscape between mobile network operators within the region,” said Nicolò Zanotto, managing director and head of digital infrastructure, Europe at Stonepeak.

“We believe TeleTower is poised for success given its diversified portfolio, state-of-the-art infrastructure, and first-mover advantage as the region’s first independent tower company. We are excited to back TeleTower and look forward to working closely with Bitė to support furthering their strategic objectives in both Lithuania and Latvia.”

It was reported in August that Bitė was pushing for the sale of its tower unit after its domestic rival, Tele2, previously outlined plans to carve out its telecom infrastructure assets to create the first tower company in the Baltic region.

“At every stage of our development, we have aimed to deliver maximum value to our customers while enhancing mobile and fixed connectivity, as well as broadening our offering with Pay TV services,” said Pranas Kuisys, the CEO at Bitė.

Kuisys added that Bitė has invested more than €400 million ($467m) in its infrastructure since partnering with Providence.

The deal is expected to be completed in the second quarter of 2026.