Tele2 Creates Baltic JV Tower Platform
Tele2 has taken a decisive step to unlock value from its passive infrastructure, announcing a 50/50 joint venture with Global Communications Infrastructure (GCI) to create a new, independent tower company serving Estonia, Latvia, and Lithuania.
The new platform—backed by Manulife Investment Management and headquartered in Lithuania—will control 2,700 towers and rooftop sites across the Baltics, with an enterprise value of €560 million (ex-debt). Tele2 expects €440 million in cash proceeds, strengthening its balance sheet while retaining long-term access to critical infrastructure.
At the heart of the partnership is a 20-year Master Service Agreement positioning Tele2 as the anchor tenant, ensuring predictable, CPI-linked cashflows for the new towerco. Tele2 and GCI have also committed to a 10-year build programme to expand coverage across all three markets—signalling continued demand for high-quality digital infrastructure in the region.
Tele2 frames the move as a strategic shift toward partnering with specialised operators who bring capital, expertise, and operational depth to drive greater value from tower assets. The transaction will have an expected €35 million EBITDAaL impact in FY2026, largely reflecting the structural transfer of passive assets.
The deal is subject to regulatory approval and is expected to close in early 2026.
