EQT has announced a definitive agreement to acquire Crown Castle Inc.’s Small Cells Solutions business in a deal valued at approximately $4.25 billion. The transaction highlights EQT’s strategy of investing in core infrastructure assets with strong growth potential. Crown Castle’s Small Cells Solutions business operates a nationwide portfolio of approximately 115,000 small cells across 43 states, providing critical network densification for the top three U.S. mobile network operators.
EQT is a leading global investment organization headquartered in Stockholm, Sweden, with a strong presence across Europe, North America, and Asia-Pacific. Founded in 1994, EQT manages a diverse range of funds with a focus on private equity, infrastructure, and real estate investments. The firm has over €200 billion in assets under management (AUM) and has raised multiple funds across its core strategies, including EQT Infrastructure, EQT Private Equity, and EQT Active Core Infrastructure. EQT’s investment philosophy is centered on active ownership, sustainability, and long-term value creation, with a strong track record of transforming businesses across various industries, including technology, healthcare, and digital infrastructure.
The acquisition comes at a time when demand for digital infrastructure is surging due to the widespread adoption of 5G, IoT, and AI technologies. Small cell networks play a key role in expanding mobile coverage and improving network efficiency in high-demand areas where traditional macro towers are insufficient. EQT plans to leverage its expertise in digital infrastructure to support the company’s future growth, enhancing its asset base and strengthening carrier partnerships.
In parallel, EQT-backed Zayo and DigitalBridge will acquire Crown Castle’s Fiber Solutions business in a separate deal. Zayo will also enter a long-term commercial agreement to provide fiber connectivity for the Small Cells business. The combined transactions for Crown Castle’s Small Cells and Fiber Solutions businesses amount to $8.5 billion, positioning EQT as a major player in the digital infrastructure market.
Key Highlights:
• EQT acquires Crown Castle’s Small Cells Solutions business for $4.25 billion
• Crown Castle operates 115,000 small cells across 43 states, serving the top three U.S. mobile network operators
• Small cells are crucial for 5G network expansion, improving mobile coverage and network efficiency
• EQT aims to accelerate growth by leveraging its experience in digital infrastructure
• Zayo, backed by EQT and DigitalBridge, is separately acquiring Crown Castle’s Fiber Solutions business
• Zayo and Small Cells Solutions will enter a long-term commercial fiber agreement
• The total transaction value for both deals is $8.5 billion
“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. “With EQT’s deep expertise in digital infrastructure, we see significant opportunities to support the company’s continued growth and innovation.”
