Tele2 to Form Baltic Telecom Tower JV With Manulife

By Dominic Chopping

STOCKHOLM--Tele2 will form a telecom tower venture to rollout mobile and 5G services in the Baltic region.

The Sweden-based telecom company said Wednesday that it will carve out its telecom infrastructure assets and form the new venture with Global Communications Infrastructure, a company owned by Manulife Investment Management.

The new tower company is valued at 560 million euros ($648.3 million) and Tele2 expects to receive cash proceeds of around 440 million euros from the agreement, it said.

Itwill be based in Lithuania and will own around 2,700 tower and rooftop sites in Estonia, Latvia and Lithuania.

Write to Dominic Chopping at dominic.chopping@wsj.com