News

The new joint venture will own 2,700 sites in Estonia, Latvia, and Lithuania

Today, Swedish telco group Tele2 has announced that it will spin off its Baltic tower assets, forming a joint venture with Global Communications Infrastructure (GCI).

The newly formed business will include own 2,700 telecoms towers and rooftop sites across Estonia, Latvia, and Lithuania.

The business will be split 50:50 between the two owners, with Tele2 to serve as an anchor tenant for the tower company in all three markets under a 20-year service agreement.

“We want to develop our tower assets together with a partner who brings both capital and expertise. This is a way for us to create additional value from the assets we have, together with an experienced partner who knows this business well,” said Jean Marc Harion, President and CEO of Tele2.

The agreement values the new company at around €560 million on a debt-free basis, with Tele2 expecting cash proceeds of around €440 million from its creation.

The deal includes a 10-year investment plan for new sites across all three countries.

Assuming regulatory approvals, the deal is expected to be finalised in Q1 2026.

Until now, the Baltics has broadly remained untouched by Europe’s independent tower giants, like Cellnex, with most of the countries’ mobile operators preferring to own and operate their own tower assets. The only notable exception to this rule is Bitė Group’s subsidiary TeleTower, which was spun off in 2009 and operates a few hundred towers in both Latvia and Lithuania.

As such, the launch of the new JV will make the company the largest independent towerco in the region.