EQT to Acquire Crown Castle's Small Cells Solutions Business

March 13, 2025

EQT's Active Core Infrastructure fund has agreed to acquire Crown Castle Inc.'s Small Cells Solutions business for approximately $4.25 billion. The business operates a nationwide portfolio of ~115,000 small cells across 43 states serving the top three U.S. mobile network operators; the transaction (a divestiture by Crown Castle) is expected to close in the first half of 2026 subject to regulatory approvals. Zayo (backed by EQT Infrastructure IV and DigitalBridge) is separately acquiring Crown Castle's Fiber Solutions business and will enter a long-term commercial agreement to provide fiber to the Small Cells business; the combined value of both transactions is $8.5 billion.

Buyers
EQT Active Core Infrastructure (EQT)
Targets
Crown Castle Small Cells Solutions business
Sellers
Crown Castle Inc.
Location
Texas, United States
Transaction Type
Divestiture

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