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 Creates First Independent Tower Operator in the Baltics

 TeleTower and Bitė Group to Continue Strategic Partnership to Invest in Mobile Networks Across Lithuania and Latvia

LONDON & VILNIUS – December 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.

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.

Contacts

For Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

For Bitė Group
Jaunius Špakauskas
jaunius.spakauskas@bite.lt
+370(682)66188

For Providence Equity Partners
FGS Global
Charlie Chichester / Rory King
ProvidenceEquity@fgsglobal.com
+44 (0)20 7251 3801

Dangerous imitations made up 90% of the more than 260,000 counterfeit toys stopped by Border Force in 2025, following a surge in the dolls’ popularity. 

With three-quarters of counterfeit toys failing safety tests, officers have stepped up shipment searches in the run-up to Christmas to protect children from harm.

As well as fake Labubus, Border Force seized a range of counterfeit toys and electrical products – including Jellycats, PlayStation controllers, Disney merchandise and Pokémon figurines.

Dangers to children include banned chemicals linked to cancer, and choking as fake toys break more easily due to their poor quality.

Organised criminals use counterfeit goods to profit from and prey on families, with no regard for the harm they could cause to children. 

They also undermine legitimate retailers and toy manufacturers who invest in safe, high-quality products during the crucial Christmas trading period. 

The seizures, which are usually destroyed following detection, protect honest businesses from criminals undercutting them with dangerous fakes. 

Adam Chatfield, Border Force Assistant Director said:  

Preventing cheap knock-off toys entering Britain isn’t about stopping fun at Christmas.

Serious organised criminals use profits from dangerous counterfeit goods to fund their evil activities – exploiting parents and families.

Every product seized disrupts criminal networks threatening our border security, spares children from harm and protects legitimate British businesses.

To tackle the surge of counterfeit toy sales over the Christmas period, Border Force has teamed up with the Intellectual Property Office as part of Operation Foretide, working together to identify and stop counterfeit goods entering the UK. 

Officers are trained to spot fake products and use intelligence to target high-risk shipments.

The seizures follow a record-breaking year for Border Force drug seizures, including £1 billion worth of cocaine seized this summer. Officers have also prevented dangerous weapons and firearms from reaching the UK’s streets.  

This government is relentless in its mission to protect the public and cut off the cash supply of criminal gangs flooding our borders with deadly products.  

Helen Barnham, Intellectual Property Office Deputy Director of Enforcement Policy said:

With counterfeit toys, what you see is rarely what you get. These illegal and dangerous goods have bypassed every safety check the law requires, behind the packaging can be hidden choking hazards, toxic chemicals and unsafe electrical wiring that put children in real danger.

This Christmas, check before you buy. Be wary of unfamiliar sellers and deals that seem too good to be true. If something doesn’t feel right, it probably isn’t. Don’t let your child be the product tester.