Crown Castle Sells Small Cells Division to EQT for $4.25 Billion
Deal News | Mar 13, 2025 | PR Newswire Cision EQT
EQT has entered into a definitive agreement to acquire Crown Castle's Small Cells Solutions business for approximately $4.25 billion. Crown Castle's Small Cells unit is a significant player in building and operating small cell networks across the U.S., focusing on digital infrastructure to support growing mobile network demands from the proliferation of technologies like 5G and IoT. The acquisition underscores EQT's strategy to grow its portfolio in the digital infrastructure sector by investing in assets with long-term growth potential. EQT plans to support the growth of the Small Cells Solutions business through leveraging its global expertise. Financial and legal guidance for the transaction are provided by TD Securities and Kirkland & Ellis, respectively. The acquisition is part of a broader transaction alongside Zayo's purchase of the Fiber Solutions segment, summing up to a total value of $8.5 billion. Completion of the transaction is anticipated in the first half of 2026, following regulatory approvals.
Sectors
- Digital Infrastructure
- Telecommunications
- Private Equity
Geography
- United States – The Small Cells Solutions business operates across 43 states in the U.S., and the regulatory context and market dynamics are predominantly American.
Industry
- Digital Infrastructure – The article involves the acquisition of Crown Castle's Small Cells Solutions business, which operates nationwide small cell networks crucial for digital infrastructure and meeting the demands of 5G and IoT.
- Telecommunications – Both the target company's services and the acquiring company's interests are deeply rooted in telecommunications, specifically focusing on enhancing mobile connectivity through networks.
- Private Equity – EQT, a private equity firm, is involved in the transaction, indicative of private equity activity in the space of infrastructure and technological advancements.
Financials
- $4.25 billion – Valuation of the Small Cells Solutions business acquisition by EQT.
- $8.5 billion – Total combined value of the Fiber Solutions and Small Cells transaction involving Zayo and EQT.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| EQT | Acquiring Company | Company | EQT is a global investment organization and will be acquiring Crown Castle's Small Cells Solutions business. |
| Crown Castle Inc. | Selling Company | Company | Crown Castle is a leading operator of digital infrastructure in the U.S. and is selling its Small Cells Solutions business as part of this transaction. |
| Small Cells Solutions Business | Target Company | Company | A division of Crown Castle, specializing in small cell networks to enhance wireless network capacity and connectivity in the U.S. |
| Zayo | Other Company | Company | Zayo, backed by EQT Infrastructure IV fund and Digital Bridge, independently acquires Crown Castle's Fiber Solutions business as part of a related deal. |
| TD Securities | Financial Advisor | Company | Financial advisor to EQT for the acquisition transaction. |
| Kirkland & Ellis | Legal Advisor | Company | Legal advisor to EQT in the acquisition of Small Cells Solutions business. |
| Alexander Greenbaum | Partner and Head of EQT's Active Core Infrastructure Advisory team | Person | Discusses EQT's strategy and the role of small cell networks in digital infrastructure. |
| Nirav Shah | Partner within EQT's Infrastructure Advisory team | Person | Comments on the strategic benefit of acquiring Crown Castle's Small Cells Solutions business. |