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Stonepeak to Acquire TeleTower From Providence Portfolio Company Bitė Group

Business

Stonepeak to Acquire TeleTower From Providence Portfolio Company Bitė Group
Business

Business

Stonepeak to Acquire TeleTower From Providence Portfolio Company Bitė Group

2025-12-23 20:00 Last Updated At:12-24 13:35

LONDON & VILNIUS, Lithuania--(BUSINESS WIRE)--Dec 23, 2025--

Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Bitė Group (“Bitė”), a leading telecom operator in the Baltics, today announced an agreement by which Stonepeak will acquire TeleTower, Bitė’s towers business in Lithuania and Latvia. Bitė is a portfolio company of Providence Equity Partners (“Providence”), a specialist private equity firm focused on growth-oriented media, communications, education and technology companies. The transaction will create the first fully independent tower company in the region and represents the beginning of a strategic partnership dedicated to investing in the Baltics’ mobile network and improving end-customer experience.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251221680363/en/

Established in 2009 within Bitė, TeleTower operates a diversified portfolio of more than 2,500 tower and rooftop sites across Lithuania and Latvia, with strong presence in strategic locations in all major Lithuanian and Latvian cities. Following the completion of the transaction, TeleTower and Bitė will enter into a long-term commercial agreement including commitments to roll out more than 1,200 additional sites to increase network density, provide improved connectivity to remote areas, and deliver 5G speeds to customers, as mobile data usage in the region continues to outpace Europe more broadly.

“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,” said Nicolò Zanotto, Managing Director and Head of Digital Infrastructure, Europe at Stonepeak. “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.”

“At every stage of our development, we have aimed to deliver maximum value to our customers while enhancing mobile and fixed connectivity, as well as broadening our offering with Pay TV services,” said Pranas Kuisys, the CEO at Bitė. “Since we first partnered with Providence, we have invested more than €400 million in our infrastructure to achieve this goal by building out 4G and 5G networks and delivering high-speed connectivity. Welcoming investment from a global strategic investor such as Stonepeak, combined with our future strategic partnership with TeleTower, reflects our continued commitment to these objectives.”

“Connectivity is a core investment theme for Providence. We are proud to have supported Bitė’s development into a leading player in the Baltic telecoms sector, growing revenues from approximately €200 million to €600 million under our ownership through new services such as Go3,” added Karim Tabet, Senior Managing Director and Head of Europe at Providence. “We continue to believe the Baltics benefit from strong fundamentals and we look forward to working with Stonepeak to bring their infrastructure expertise to this strategic partnership, adding significant value to both Bitė and TeleTower.”

The transaction is expected to close in the second quarter of 2026. Barclays served as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Stonepeak. Lazard served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison, A&O Shearman and Sorainen served as legal counsels to Bitė Group.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $80 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

About Bitė Group
Bitė Group is a leading telecommunications and media company operating in Lithuania, Latvia, and Estonia. The Group provides mobile, fixed broadband, pay TV, and media services. Bitė Group is managed by the global private equity firm Providence Equity Partners, which primarily invests in the media, communications, education, and technology sectors.

About Providence
Providence is a specialist private equity investment firm focused on growth-oriented media, communications, education and technology companies across North America and Europe. Providence combines its partnership approach to investing with deep industry expertise to help management teams build exceptional businesses and generate attractive returns. Since its founding in 1989, Providence has invested over $40 billion across more than 180 private equity portfolio companies. With its headquarters in Providence, RI, the firm also has offices in New York, London, Boston and Atlanta. For more information, please visit www.provequity.com.

Stonepeak to Acquire TeleTower From Providence Portfolio Company Bitė Group

Stonepeak to Acquire TeleTower From Providence Portfolio Company Bitė Group

Stonepeak to Acquire TeleTower From Providence Portfolio Company Bitė Group

Stonepeak to Acquire TeleTower From Providence Portfolio Company Bitė Group

WASHINGTON (AP) — The funding lapse for the Department of Homeland Security will likely stretch into next week as the House contemplates passing a Senate plan it had previously rejected to fund the bulk of the agency, but not its immigration enforcement operations.

There was no resolution Thursday to the standoff, now in its 48th day, after both chambers met for just a few minutes in pro forma sessions. Nonetheless, the Republican leadership and President Donald Trump have coalesced around a plan to fully fund DHS as part of a two-step process. The agreement puts the congressional leaders on the same page for ending the impasse after they had pursued separate paths that resulted in Congress leaving Washington last week for its spring recess without a fix.

During the brief sessions, Senate Majority Leader John Thune, R-S.D., put aside the House plan to fund the entire department for 60 days. Then the House met briefly without taking up the bipartisan Senate plan that had been worked out with Democrats, though Thune is looking toward eventual passage.

“I don’t know the particulars around what the House will do with it,” Thune told reporters. “My assumption is, at some point, hopefully, they’ll move it.”

House Republicans were expected to hold a conference call later in the day to discuss the next steps.

Speaker Mike Johnson, R-La., and John Thune, announced Wednesday that they would return to the Senate measure, which funds most of DHS with the exception of U.S. Immigration and Customs Enforcement and U.S. Border Patrol. Republicans will try later to fund those agencies through party-line spending legislation that could take months to finish.

Neither outcome is guaranteed, and the strategy could potentially still face opposition from the GOP’s own ranks even though Trump has given his support.

Thune pointed to a “number of conversations” when he was asked how the Republican leadership and Trump aligned to move ahead after their apparent divisions a week earlier.

“The thing that some people want to do, we can’t do,” said Thune. “And so you have to figure out what’s in the realm of the possible. And you have to just continue to define reality for people.”

Senate Democratic leader Chuck Schumer of New York blamed Republicans for not acting more quickly.

“Republican divisions derailed a bipartisan agreement, making American families pay the price for their dysfunction,” Schumer said.

Even with the progress, the most conservative lawmakers are likely to seek full funding for all of Trump’s immigration and deportation operations.

“Let’s make this simple: caving to Democrats and not paying CBP and ICE is agreeing to defund Law Enforcement and leaving our borders wide open again,” Rep. Scott Perry, R-Pa., posted on X. “If that’s the vote, I’m a NO.”

Meanwhile, the budget package that Trump wants prepared for later this year is expected to fund ICE and Border Patrol through the remainder of Trump’s term, as a way to try to ensure those agencies are no longer at risk from Democrats objecting to his immigration enforcement agenda. Trump said he wants that legislation on his desk by June 1.

Thune acknowledged the potential hurdles to that route, such as efforts to expand the scope of the bill. He said the goal is to keep it “as narrow and focused as possible” to speed passage.

“We need to kind of move with haste,” he said. “It’s probably not a likely magnet for all these other issues.”

The vast majority of DHS employees have reported to work during the shutdown, but many thousands have gone without pay. As more Transportation Security Administration agents called out from work, there was increasing frustration for air travelers confronted by long waits at some airport security lines. Those bottlenecks appeared to be clearing this week as agents began receiving backpay after Trump signed an executive order.

AP Congressional Correspondent Lisa Mascaro contributed to this report.

Sen. Majority Leader John Thune, R-S.D., speaks during a news conference after a policy luncheon on Capitol Hill,Tuesday, March 24, 2026, in Washington. (AP Photo/Mariam Zuhaib)

Sen. Majority Leader John Thune, R-S.D., speaks during a news conference after a policy luncheon on Capitol Hill,Tuesday, March 24, 2026, in Washington. (AP Photo/Mariam Zuhaib)

Sen. Majority Leader John Thune, R-S.D., speaks during a news conference after a policy luncheon on Capitol Hill, Tuesday, March 24, 2026, in Washington. (AP Photo/Mariam Zuhaib)

Sen. Majority Leader John Thune, R-S.D., speaks during a news conference after a policy luncheon on Capitol Hill, Tuesday, March 24, 2026, in Washington. (AP Photo/Mariam Zuhaib)

Speaker of the House Mike Johnson, R-La., speaks during a news conference on Capitol Hill, Friday, March 27, 2026, in Washington. (AP Photo/Mariam Zuhaib)

Speaker of the House Mike Johnson, R-La., speaks during a news conference on Capitol Hill, Friday, March 27, 2026, in Washington. (AP Photo/Mariam Zuhaib)

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