Cobalt, working together with Freshfields Bruckhaus Deringer, has advised Global Communications Infrastructure on its 50/50 partnership with Tele2 to carve out telecom infrastructure assets and create the first tower company covering all three Baltic countries. Tegos, working with Clifford Chance, advised Tele2.
The transaction remains contingent on regulatory approval.
Global Communications Infrastructure is a tower platform owned by Manulife Investment Management.
According to Cobalt, the new Lithuanian-based company will own around 2,700 tower and rooftop sites across Estonia, Latvia, and Lithuania, with Tele2 remaining the anchor tenant under a 20-year master service agreement. The deal values the tower company at EUR 560 million on a debt-free basis, with Tele2 expecting cash proceeds of approximately EUR 440 million.
The Cobalt team included Lithuania-based Managing Partner Irmantas Norkus, Partners Rokas Daugela and Rasa Zasciurinskaite, Associate Partner Jovita Valatkaite, Specialist Counsels Sandra Sidoraite, Ausrys Sliavas, and Justinas Sileika, and Senior Associates Kostas Grigaitis, Viktorija Varnaite, Agne Saliamone, and Manvydas Borusas, Latvia-based Managing Partner Dace Silava-Tomsone, Partners Indrikis Liepa, Sandija Novicka, and Ugis Zeltins, Specialist Counsels Elina Locmele and Kristine Patmalniece, Senior Associate Martins Tarlaps, and Associates Vadims Zvicevics, Krista Helmute, and Toms Dreika, and Estonia-based Partners Martin Simovart, Jesse Kivisaari, and Karina Paatsi, Specialist Counsel Madis Reppo, Managing Associates Mart Blondal and Tonu Kolts, Senior Associates Heleri Tammiste, Helen Sool, and Heili Haabu, and Associates Ken Saksniit and Heivo Reinek.
The Tegos team included Lithuana-based Managing Partner Vilius Bernatonis, Partners Marijus Krisciunas and Dainius Stasiulis, Associate Partners Indre Vickaite-Liatuke and Elena Mickeviciene, Associate Domantas Vilys, and Junior Associates Meda Stankute and Neda Baublyte, Latvia-based Partners Linda Strause and Andra Rubene, Senior Associates Vladlena Rudusane and Anna Vaivade, Assistant Attorney at Law Aija Kreicberga, Attorney at Law Rudolfs Vilsons, and Legal Assistants Samanta Koha and Agate Derveniece, and Estonia-based Managing Partner Sander Karson, Partner Peeter Viirsalu, Associate Partner Indrek Ergma, Counsel Mari Anne Rohtla, Senior Associates Grete Lind and Vitali Sipilov, Attorneys at Law Siret Saks and Ingeri-Helena Kakko, and Associate Artur Piisang.
