Global Communications Infrastructure (GCI), Manulife Investment Management鈥檚 tower platform, has become an equal shareholder in a newly created Baltic tower company spun out of Tele2 AB鈥檚 telecommunications infrastructure assets.
Nasdaq-listed Tele2 said it expects to receive cash proceeds of around 鈧�440m as part of the transaction which values the new Lithuania-based Baltic tower company at 鈧�560m on a debt-free basis.
The Baltic tower company will own around 2,700 tower and rooftop sites across Estonia, Latvia and Lithuania.
Tele2 will be the main tenant under a 20-year master service agreement. GCI and Tele2 have also committed to a 10-year investment plan to build new sites across the Baltics.
Recep Kendircioglu, global head of infrastructure, Manulife Investment Management, said: 鈥淲e have strong conviction in telecommunications infrastructure and the importance of tower assets in serving growing mobile demand.
鈥淲ith both Manulife IM鈥檚 experience in this space and a seasoned leadership team, this partnership with Tele2 positions us to support the next wave of digital infrastructure investment.鈥�
Jean Marc Harion, president and CEO of Tele2, said: 鈥淲e want to develop our tower assets together with a partner who brings both capital and expertise. This is a way for us to create additional value from the assets we have, together with an experienced partner who knows this business well.鈥�
Tim Culver, CEO of Global Communications Infrastructure, said: 鈥淲e are proud to partner with Tele2 and support the future growth of digital connectivity in the Baltics. With a long-term perspective and commitment to investment, we see strong potential to develop high-quality, efficient and scalable infrastructure.鈥�
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