Global law firm Freshfields has advised Manulife IM-backed  Global Communications Infrastructure on entering into a partnership with Tele2 AB to create the first pan-Baltic tower company.

Tele2, the Swedish multinational telco, will carve out its telecom infrastructure assets in Estonia, Latvia and Lithuania, comprising approximately 2,700 tower and rooftop sites, and enter into a 50/50 joint venture with Global Communications Infrastructure, LLC (GCI). The parties have also committed to a 10-year investment plan to build new sites across the Baltics, supporting continued expansion and improved network coverage.

GCI is a tower platform owned by Manulife Investment Management, on behalf of clients, targeting investments in telecom towers globally.

Following the transaction, Tele2 will act as anchor tenant under a 20-year master services agreement with the newly established Baltic tower company.

The Freshfields team was led by Partners Natascha Doll (Hamburg) and Sami Jebbour (Paris) supported by Principal Associates Lukas Pirnay, Carsten Bork and Maximilian Kind as well as Associate Aleksandar Atanasov (all M&A, Hamburg). The team further comprised Counsel Lukas Treichl (Vienna) and Associate Estella Dannhausen (Paris, both Commercial Agreement).

Partner Fabrice Grillo (Paris) and Counsel Greg Kahn (New York) advised on financing aspects of the transaction with support from Senior Associate Marie Jarrety (Paris) and Associate Shreyas Suresh (New York).

Antitrust advice was provided by Partner Paul van den Berg and Associate Elisa Lambooij (both Amsterdam).