Crown Castle to Sell Small Cells Solutions for $4.25 Billion to 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 Solutions, a core component of digital infrastructure, specializes in deploying small cell networks across the United States to enhance wireless connectivity. The acquisition, under EQT's Active Core Infrastructure fund, aligns with EQT's strategy to invest in stable, high-growth infrastructure platforms. As the demand for bandwidth escalates due to advances in 5G, IoT, and AI technologies, the role of small cell networks becomes increasingly significant in the digital infrastructure landscape. EQT's acquisition, underpinned by long-term contracts and strong operational capabilities, positions the company to capitalize on these digital trends and expand its market footprint. EQT plans to leverage its expertise in digital infrastructure to further enhance the Company’s growth, deepening its relationships with major mobile network operators and expanding its asset base. Concurrently, EQT Infrastructure IV-backed Zayo will acquire Crown Castle’s Fiber Solutions business, with a total combined transaction value of $8.5 billion. This transaction, expected to conclude by the first half of 2026, is contingent on regulatory approval. TD Securities and Kirkland & Ellis advised EQT in this significant deal.