Stonepeak to acquire TeleTower from Providence-backed Bitė Group.

Stonepeak, a private equity firm, agreed to acquire TeleTower, a company in the Baltic region offering infrastructure and services for telecommunication, internet, radio, and remote sensing networks, from Providence-backed Bitė Group, a telecommunications and media company operating in the Baltic region. Financial terms were not disclosed. “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. 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,” Nicolò Zanotto, Stonepeak Managing Director and Head of Digital Infrastructure, Europe.