Category: 3. Business

  • Stonepeak to Acquire TeleTower from Providence Portfolio Company Bitė Group

    Stonepeak to Acquire TeleTower from Providence Portfolio Company Bitė Group

     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

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  • Hyundai Motor Group Tops 2025 IIHS Top Safety Pick Rankings Underscoring Automotive Safety Leadership

    Hyundai Motor Group Tops 2025 IIHS Top Safety Pick Rankings Underscoring Automotive Safety Leadership

    Compared with previous years, IIHS further raised the bar in 2025, introducing higher performance thresholds to achieve the TOP SAFETY PICK+ rating, particularly on second-row occupant protection.

    The updated moderate overlap front crash test now incorporates rear-seat dummies representing smaller occupants, such as children or smaller adults, enabling a more comprehensive assessment of injury risk in real-world crashes.

    To qualify for 2025 TOP SAFETY PICK, a vehicle must earn good ratings in the small overlap front and updated side tests and an acceptable rating in the updated moderate overlap front test. It also must earn an acceptable or good rating for pedestrian front crash prevention and come with standard acceptable- or good-rated headlights.

    To qualify for 2025 TOP SAFETY PICK+, a vehicle must earn good ratings in the small overlap front, updated moderate overlap front and updated side tests. It also must earn an acceptable or good rating for pedestrian front crash prevention and come with standard acceptable- or good-rated headlights.

    Hyundai Motor Group vehicles demonstrated strong, consistent performance across these enhanced evaluations, reflecting the Group’s proactive approach to safety engineering and continuous improvement.


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  • Santa Appeal smashes target, bringing Christmas cheer to hundreds of local children

    Santa Appeal smashes target, bringing Christmas cheer to hundreds of local children

    This year’s Santa Appeal has been another absolute triumph, with the Bridgend community stepping up in a truly phenomenal way to ensure local children have a magical Christmas. Thanks to the incredible generosity of residents, local groups, schools, churches, and businesses, the appeal has not only met but exceeded all expectations.

    The online ‘Just Giving’ donations page, set-up in collaboration with our partners at Awen Cultural Trust, saw it not only reach, but smash its target of £10,000, with an incredible £11,869.13 raised (including Gift Aid). On top of that, gift donations have been arriving regularly at the council’s Civic Offices and designated drop-off points at Awen and Halo Leisure facilities across Bridgend County Borough. 

    We’ve seen some truly heartwarming contributions from individuals and local businesses alike, while a group of Year 8 pupils at Cynffig Comprehensive School designed posters, delivered assembly presentations, researched suitable gift ideas for a ‘Giving Tree’, to encourage staff, pupils, parents, and visitors to the school to get involved in donating to this year’s appeal.

    The generosity didn’t stop there! Our own council teams, including Social Services and Wellbeing and Day Services, got creative with bake sales, Bridgend College, and Porter’s Estate Agents made significant donations of toys, gifts, or cash.

    A special shout-out goes to the incredible 50 volunteers who dedicated their time and energy to wrapping and sorting over 1,400 toys and gifts. The gifts will be going to children and young people in our care, nominated by our Social Care and Early Help/Flying Start teams.

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  • Oil prices ease amid Venezuela, Russia concerns

    Oil prices ease amid Venezuela, Russia concerns





    Oil prices ease amid Venezuela, Russia concerns – Daily Times


































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  • Fake Labubu sellers on Border Force’s naughty list this Christmas

    Fake Labubu sellers on Border Force’s naughty list this Christmas

    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.

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  • Bet365 boss Denise Coates’s pay package rises to £280m

    Bet365 boss Denise Coates’s pay package rises to £280m

    Archie MitchellBusiness reporter

    PA Media Denise Coates, the founder of Bet365, is pictured standing against a grey wall wearing a wide-collared shirt beneath a black suit jacket. PA Media

    Denise Coates, the founder and chief executive of Bet365, received a pay package of at least £280m in 2025, marking another year as one of Britain’s highest-paid bosses.

    Her total earnings jumped by more than two thirds from almost £158m a year earlier, despite profits at the gambling firm tumbling.

    Ms Coates was awarded £104m in salary in the year to March 2025, Companies House filings show.

    In addition, as a majority shareholder in Bet365, she was entitled to at least half of the £354m dividend payment declared by the firm for the year.

    The £280m package means she has earned more than £2bn from Bet365 over the past decade.

    Campaign group the High Pay Centre condemned Ms Coates’s pay as too high.

    Director Andrew Speke said: “Denise Coates is well-liked in Stoke for being self-made and giving back to her community.

    “But the eye-watering sums she earns go far beyond what anyone needs for a life of luxury – and her fortune comes from an industry that has caused real harm to too many people.”

    Bet365 has been approached for comment.

    Her latest pay deal came as Bet365’s pre-tax profit fell to £339m for the year, from £596m previously. Overall revenue rose by 9%, from £3.7bn a year earlier to £4bn.

    Ms Coates founded Bet365 in a portable building in a Stoke-on-Trent car park more than 20 years ago. It is now the biggest private sector employer in the city and offers sports betting, poker, casino games and bingo online to millions of customers worldwide.

    She is one of Britain’s richest women and among the world’s highest-paid executives.

    After training as an accountant, Ms Coates helped build Bet365 into one of the biggest online gambling companies from her father’s bookmaking business. Her brother, John Coates, is a co-chief executive of the company.

    As well as being one of the UK’s best-paid bosses, Ms Coates is reportedly among the country’s biggest taxpayers. Her £104m salary would see her pay tens of millions in income tax and national insurance.

    Bet365 also said the company paid £482m of tax in the year to March, up from £364m a year earlier, including tax on dividend payments.

    During the year, Bet365 donated £130m to the Denise Coates Foundation, which donates to charities covering education, arts and culture and health.

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  • ESB launches New High Power EV Charging Hub at Frascati Centre, Blackrock

    Tuesday, 23 December 2025

    ESB, Ireland’s largest EV charge point operator, has unveiled a new high power EV charging hub at the Frascati Centre in Blackrock, Co. Dublin, providing drivers with a convenient and ultra fast charging option during the busy festive season. 

    Key Features of the New ESB high power bub: 

    • Ultra-Fast Charging: Four 360kW high power chargers capable of delivering up to up to 220km of range in as little as ten minutes, enabling quick top-ups for EV drivers. 
    • Contactless Payment: Seamless, hassle-free charging with contactless payment options. 
    • Strategic Location: Capacity to charge eight EVs simultaneously, reducing wait times and ensuring maximum convenience for drivers locally and those travelling further afield. 

    Located in the heart of Blackrock village, the Frascati Centre is home to over 41 retail brands, offering fashion, beauty, and dining experiences. It’s modern facilities, high footfall, and ample parking make it an ideal stop for drivers looking to recharge while enjoying Christmas shopping or preparing for longer journeys on the road.  

    ESB has over 1,600 public charge points in place across the island of Ireland, providing a reliable and extensive network for EV drivers, who maybe be on the road over the festive period.  

    Welcoming this announcement, ESB Chairman, Terence O’Rourke, said:  “The new high power charging hub at Frascati Centre reflects ESB’s commitment to a cleaner, more sustainable transport future. ESB remains dedicated to investing in the charging network and supporting EV drivers with the continued rollout of high power hubs across the island.” 

    Viv Gaine, Frascati Centre Director, has welcomed this new community utility which further enhances the customer experience whilst visiting Frascati: “Our commitment to ensuring we offer high quality retail & destination brands is now greatly enhanced with this latest service installation.” 

    Whether you’re shopping for last-minute gifts or setting off on a Christmas road trip, ESB’s new high power charging hub at Frascati Centre ensures you can stay charged and keep moving this festive season. 

    For more information visit: www.esb.ie/ecars     

    ENDS/ 

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  • Workshop on the Authorisation of ESG Rating Providers

    Hybrid event: ESMA (201-203 rue de Bercy, 75012 Paris, France) and online

    Register by 26 March 2026 at 23:59 CET. Details will be shared with the registered participant after the registration closes.

    ESMA will host a workshop on the authorisation process for ESG Rating Agencies under the ESG Rating Regulation (2024/3005).

    The session will outline ESMA’s approach to processing applications for authorisation and provide insights into the key regulatory requirements and their implementation.

    The workshop will take place on 31 March 2026 and is primarily intended for firms planning to apply for authorisation as an ESG Rating Provider. The event will be held at ESMA’s offices in Paris, and we encourage participants to attend in person. In case more than one person by firm wishes to attend or when physical attendance surpasses the venue’s capacity, we will offer the possibility to dial-in to the event.

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  • Broad majority of Wisconsin bank CEOs believe economy is ‘good’ — but none say it’s ‘excellent’

    Broad majority of Wisconsin bank CEOs believe economy is ‘good’ — but none say it’s ‘excellent’

    A broad majority of Wisconsin banking executives believe the state economy is strong, but enthusiasm is down compared to past surveys.

    That’s according to a new end-of-the-year survey from the Wisconsin Bankers Association, conducted between Nov. 19 and Dec. 12. It showed zero percent of banking CEOs believe the economy is “excellent” and 79 percent say it’s “good.”

    The same share of executives said the economy was good in the middle of the year, but 7 percent said it was “excellent” at that time, the survey shows. For comparison, 7 percent said the economy was “excellent: and 76 percent said it was “good” at the end of 2024. At least 5 percent of bankers have been describing the economy as “excellent” in each survey since at least the end of 2022.

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    Rose Oswald Poels, president and CEO of the Wisconsin Bankers Association, said the survey results show a “steady economic outlook” but “not an overwhelmingly great economic outlook.” She said some sectors of the economy are doing well, while others are struggling. 

    “I think that’s true whether we’re talking about businesses or whether we’re talking about individuals,” Oswald Poels said. 

    A slimmer majority of banking CEOs, 55 percent, expect Wisconsin’s economy to stay roughly the same over the next six months — while 28 percent believe the economy is going to grow over the next six months and 17 percent believe it will shrink, the survey shows.

    Oswald Poels said the positive factors in Wisconsin’s economy — like low unemployment, a strong manufacturing sector and strong consumer spending — helped contribute to most bankers feeling the economy will remain steady in the next six months. 

    But concerns around housing affordability, particularly for low-income individuals, and uncertainty around tariffs have contributed to less than one-third of bankers believing the economy will grow in the next six months, she said.

    “I think that uncertainty will continue into next year, which gives, I think, the bankers a little bit of pause,” she said. “But at the same time, 28 percent are expecting the economy to grow, which is certainly a little higher than what we’ve seen in the last couple of survey responses six and 12 months ago.”

    At the same time, 72 percent of bank CEOs believe interest rates will fall over the next six months, the survey shows. 

    While most of the responses came in before the Federal Reserve announced a rate cut on Dec. 10, Oswald Poels said bankers, anecdotally, expect two more rate decreases next year.

    Over the next six months, residential real estate loans were the only loan category most CEOs, 59 percent, predicted would see demand grow, according to the survey. For business, commercial real estate and agricultural loans, a majority of bankers said demand would stay the same.

    Oswald Poels said residential real estate lending has been lagging behind the last couple of years due to high interest rates combined with the high costs of building new homes. That’s made home buying, especially for new homes, more expensive.

    She said expectations that interest rates will come down over the next year, along with rate cuts earlier in 2025, have helped “lead to the optimism that we’re going to see pretty nice growth in residential real estate lending.”

    She also said banks are seeing consumers use credit cards a little more this year than they have in the past few years, but deposit levels at banks have remained strong.

    Heading into 2026, Oswald Poels said financial fraud is one of the biggest things banks are trying to keep an eye out for. 

    Last week, the Wisconsin Bankers Association, citing data from the Federal Trade Commission, said Wisconsin consumers and businesses lost more than $107 million to fraud in 2025, including $32.8 million in losses in the third quarter of the year.

    Oswald Poels said technological advancements, including in artificial intelligence, have helped make fraudster phone calls more believable, often posing as police, IRS agents, bank employees or family members.

    “When someone’s calling or texting you and demanding you to act instantly, everybody should just pause at that point,” she said. “Then hang up the phone and contact people, whether it is the bank separately with a number you would normally use, or contact family members if that’s the urgent situation that the bad actor is trying to get you to act.”

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