Swedish telecom operator Tele2 said it will form a 50/50 joint venture for its Baltic telecom towers with Global Communications Infrastructure, a platform backed by Manulife Investment Management.
The deal values the new tower company, which will hold about 2,700 sites in Estonia, Latvia, and Lithuania, at 560 million euros, according to a company statement.
Tele2 expects to receive cash proceeds of around 440 million euros from the transaction, which follows a series of divestments in recent years as the company focuses on its core Nordic and Baltic operations.
"We want to develop our tower assets together with a partner who brings both capital and expertise," said Jean Marc Harion, President and CEO of Tele2.
"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."
As part of the deal, Tele2 will be the main customer for the new Lithuania-based tower company under a 20-year service agreement, ensuring its access to the infrastructure.
The partners have also committed to a 10-year investment plan to build new sites across the region.
The transaction is expected to close in early 2026, subject to regulatory approvals, and will have a negative impact of around 35 million euros on Tele2's 2026 underlying earnings before interest, tax, depreciation and amortization after leases, the company said.
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