EQT Corporation to buy Crown Castle’s Small Cells Solutions business for $4.25B

EQT (EQT) “announces that the EQT Active Core Infrastructure fund has entered into a definitive agreement to acquire Crown Castle Inc.’s (CCI) Small Cells Solutions business in a transaction valuing it at approximately $4.25B. Crown Castle’s Small Cells Solutions 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. 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 $8.5B. The transaction is expected to close in the first half of 2026, subject to regulatory review and other customary closing conditions.”