EQT to acquire Crown Castle's Small Cells Solutions business

Rhea-AI Summary

EQT has announced its acquisition of Crown Castle's Small Cells Solutions business for approximately $4.25 billion. The acquired company operates a nationwide portfolio of approximately 115,000 small cells across 43 states, serving the top three U.S. mobile network operators.

The transaction, expected to close in first half of 2026, is part of a larger deal where Zayo will separately acquire Crown Castle's Fiber Solutions business. The total combined transaction value is $8.5 billion. As part of the arrangement, Zayo and the Small Cells business will establish a long-term commercial agreement for fiber provision.

The Small Cells Solutions business specializes in deploying small cell networks that enhance wireless connectivity, particularly in high-demand areas lacking macro towers. The company is positioned to capitalize on increasing demand for network densification driven by 5G, IoT, and AI technologies.

Positive

• Significant transaction value of $4.25 billion
• Large operational scale with 115,000 small cells across 43 states
• Established contracts with top three U.S. mobile network operators
• Strategic long-term fiber agreement with Zayo
• Strong positioning for 5G and emerging technology growth

Negative

• Extended closing timeline until first half of 2026
• Transaction subject to regulatory review and approval
• Separation from Crown Castle's core business may cause operational transitions

• Crown Castle's Small Cells Solutions business builds and operates small cells nationwide, serving mobile densification needs for cellular carriers
• Transaction highlights EQT's active ownership approach by acquiring an attractive, stable core infrastructure platform targeting a substantial market opportunity
• EQT will aim to further accelerate the Company's future growth ambitions 

NEW YORK, March 13, 2025 /PRNewswire/ -- EQT is pleased to announce that the EQT Active Core Infrastructure fund ("EQT")" has entered into a definitive agreement to acquire Crown Castle Inc.'s ("Crown Castle") (NYSE: CCI) Small Cells Solutions business (the "Company") in a transaction valuing it at approximately $4.25 billion.

Crown Castle's Small Cells Solutions business is a leading builder and operator of digital infrastructure, specializing in the deployment of small cell networks that enhance essential wireless connectivity. The Company operates a nationwide portfolio of approximately 115,000 small cells on air or under contract spread across 43 states, serving the top three U.S. mobile network operators. The Company plays an important role in providing capacity for high-demand areas lacking macro towers through its extensive network of small cells.  

The increasing demand for bandwidth-intensive activities, driven by the proliferation of 5G, IoT, AI, and other emerging technologies, is accelerating the need for network densification. The Company is well-positioned to capitalize on these underlying digitization trends, providing turnkey services that enable carriers to expand coverage, improve network efficiency, and meet growing global mobile data traffic demands. 

"Small cell networks are an essential part of the digital infrastructure ecosystem," said Alexander Greenbaum, Partner and Head of EQT's Active Core Infrastructure Advisory team. "This investment is a natural fit within EQT Active Core Infrastructure's strategy - investing behind long-term contracted, core infrastructure assets with strong growth potential. With EQT's deep experience in digital infrastructure and active approach to value creation, we see significant opportunity to support the Company's continued growth." 

"Crown Castle's Small Cells Solutions business is a platform at the heart of the next generation of digital infrastructure, enabling essential digital connectivity that will help power the future," said Nirav Shah, Partner within EQT's Infrastructure Advisory team. "With its significant scale, operational excellence, and deep carrier relationships, the Company is poised to benefit from positive digital tailwinds. We look forward to partnering with the business to help fuel its next phase of growth, drive cutting-edge innovation, and support the long-term expansion of critical digital infrastructure." 

With a strong foundation of long-term contracts, operational expertise, and deep-rooted carrier relationships, the Company has firmly established itself as a partner of choice in the U.S.  EQT will support the Company through its next phase of growth by leveraging its global scale and significant experience within the digital infrastructure space to strengthen its asset base and further deepen its relationships with leading mobile network operators. 

Transaction Details 

As part of the transaction, the EQT Active Core Infrastructure fund will acquire Crown Castle's Small Cells Solutions business, while Zayo, backed by the EQT Infrastructure IV fund and Digital Bridge, will independently acquire Crown Castle's Fiber Solutions business, as communicated in a separate transaction announcement today. Concurrent with the acquisitions, Zayo and the Small Cells business will enter into a long-term commercial agreement whereby Zayo will provide fiber to the Small Cells business. The total combined value of the Fiber Solutions and Small Cells transaction is $8.5 billion.

The transaction is expected to close in the first half of 2026, subject to regulatory review and other customary closing conditions.

TD Securities served as sole financial advisor and Kirkland & Ellis as legal advisor to EQT in connection with the transaction.

Contact EQT Press Office, press@eqtpartners.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/eqt/r/eqt-to-acquire-crown-castle-s-small-cells-solutions-business,c4118770

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SOURCE EQT

FAQ

What is the value of EQT's acquisition of Crown Castle's Small Cells Solutions (CCI)?

EQT is acquiring Crown Castle's Small Cells Solutions for approximately $4.25 billion.

How many small cells does Crown Castle's Small Cells Solutions (CCI) operate?

The company operates approximately 115,000 small cells on air or under contract across 43 states.

When is the Crown Castle (CCI) Small Cells acquisition expected to close?

The transaction is expected to close in the first half of 2026.

What is the total combined value of Crown Castle's (CCI) Small Cells and Fiber Solutions sale?

The total combined value of both the Fiber Solutions and Small Cells transactions is $8.5 billion.

What agreement will be established between Zayo and Crown Castle's (CCI) Small Cells business?

Zayo and the Small Cells business will enter into a long-term commercial agreement where Zayo will provide fiber to the Small Cells business.