Stonepeak, a New York-based private equity firm specializing in infrastructure, is poised to expand its European digital infrastructure footprint with a pending transaction in teh Baltic region. The firm has reached an agreement to acquire Bite Groupa, a leading telecom operator in Latvia and Lithuania, backed by Providence Equity Partners [[1]]. this move highlights increasing investor confidence in the burgeoning telecommunications market of the Baltics, driven by high data consumption and competitive service offerings. A final agreement is anticipated in the second quarter of 2026, pending regulatory approvals.
Stonepeak, a leading infrastructure investment firm, sees significant potential in the mobile tower markets of Latvia and Lithuania. Nikola Dzanotto, Stonepeak’s Head of Digital Infrastructure in Europe, highlighted the attractiveness of these markets, citing high mobile data consumption and robust competition among mobile network operators as key drivers.
The assessment comes as Bite Groupa is nearing the completion of a substantial infrastructure investment program. Since partnering with Providence Equity Partners, the company has invested over €400 million in upgrading its networks and expanding service offerings.
“Each stage of development is dedicated to delivering maximum value to our customers by improving mobile and fixed connectivity, as well as expanding our offering with PayTV services,” said Pranas Kuisis, CEO of Bite Groupa.
The company’s financial performance reflects this investment, with SIA TeleTower, a subsidiary, reporting a 42% increase in turnover to €8.742 million in 2023. Profitability also saw a substantial increase, reaching €2.022 million. TeleTower was established in 2009 and holds a share capital of €12.069 million, with Lietuvas TeleTower as its sole owner.
Bite Latvija, another key component of the group, experienced a 12.5% rise in turnover in 2023, reaching €183.75 million. The company’s profit increased by 1% to €33.712 million. Bite Latvija, founded in 2005 with a share capital of €44 million, is wholly owned by Bite Groupa, which is in turn backed by Providence Equity Partners.
A definitive agreement for a transaction is expected to close in the second quarter of 2026. The deal underscores the growing interest in Baltic region’s telecommunications infrastructure.
Legal and financial advisors played a key role in facilitating the agreement. Barclays served as financial advisor to Stonepeak, with Simpson Thacher & Bartlett LLP providing legal counsel. Lazard advised Bite Groupa on financial matters, while Paul, Weiss, Rifkind, Wharton & Garrison, A&O Shearman, and Sorainen provided legal representation.
