Tele2, the Swedish multinational telco, has announced it will “carve out telecom infrastructure assets” and create the first tower company covering all Baltic countries, in a 50/50 partnership with Global Communications Infrastructure (GCI) which is backed by Manulife Investment Management.Tele 2 says the transaction will allow it “to unlock value in its mobile telecom infrastructure while enabling continued growth and rollout of mobile and 5G services in the region”. The transaction values the tower company at €560 million on a debt-free basis, and Tele2 expects cash proceeds of around €440 million. GCI is a tower platform owned by Manulife IM, on behalf of clients, targeting investments in telco towers globally.The newly established Baltic tower company, based in Lithuania, will own tower and rooftop assets in Estonia, Latvia and Lithuania, a total of around 2,700 tower and rooftop sites. Following the transaction, Tele2 will be the anchor tenant under a 20-year Master Service Agreement (MSA), ensuring long-term and secure access to critical infrastructure.“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,” commenyted Jean Marc Harion, President and CEO of Tele2.“We are proud to partner with Tele2 and support the future growth of digital connectivity in the Baltics. With a long-term perspective and commitment to investment, we see strong potential to develop high-quality, efficient and scalable infrastructure,” said Tim Culver, CEO of GCI.“We have strong conviction in telecommunications infrastructure and the importance of tower assets in serving growing mobile demand. With both Manulife IM’s experience in this space and a seasoned leadership team, this partnership with Tele2 positions us to support the next wave of digital infrastructure investment,” added Recep Kendircioglu, Global Head of Infrastructure, Manulife Investment Management.The parties have also committed to a 10-year investment plan to build new sites across the Baltics, supporting continued expansion and improved network coverage.The transaction is expected to have a negative underlying EBITDAaL impact of around €35 million in 2026 on Tele2 and is subject to customary regulatory approvals which are expected to be finalised in Q1 2026.
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