Swedish operator Tele2 has announced plans to spin off its infrastructure assets into a dedicated tower company serving all three Baltic nations, under a 50/50 joint venture with tower specialist Global Communications Infrastructure (GCI).
GCI, backed by private equity firm Manulife Investment Management, will base the new entity in Lithuania. Its portfolio will comprise 2,700 tower and rooftop sites across Estonia, Latvia, and Lithuania, with an enterprise value of around €560 million excluding debt. Tele2 expects to receive approximately €440 million in cash proceeds from the deal.
Under a 20-year Master Service Agreement, Tele2 will act as the anchor tenant. Both companies have also committed to a 10-year programme to build new sites across the Baltics, though no further details were disclosed.
“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 Tele2 president and CEO Jean Marc Harion.
The operator expects the transaction to have a negative underlying EBITDAaL impact of around €35 million in its 2026 financial year. The deal remains subject to regulatory approval and is expected to close in early 2026.
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