EQT Group, a Stockholm, Sweden-based investment firm, announced Thursday (Mar. 13) that it had acquired a small cells solutions business from Crown Castle, a Houston-based shared communication infrastructure-focused company, for $4.25 billion through its EQT Active Core Infrastructure fund.
The small cell solutions business that EQT is acquiring is a company that primarily focuses on building and operating localized networks to enhance wireless service. It currently serves the US’s top three mobile network operators and has 115,000 small cells across 43 states, helping to provide better coverage in high-demand, high-density areas.
“Small cell networks are an essential part of the digital infrastructure ecosystem. 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,” Alexander Greenbaum, partner and head of EQT’s active core infrastructure advisory team, said in a recent release.
In addition to acquiring Crown Castle’s small cells solutions business, EQT group also announced that Zayo, a Denver-based communications infrastructure provider backed by EQT’s Infrastructure IV fund and Boca Raton-based alternative asset manager Digital Bridge, has entered a separate agreement to acquire Crown Castle’s fiber network business for $4.25 billion.
“This acquisition strengthens our ability to deliver the reliable, low-latency, high-capacity fiber solutions our customers need to scale in an increasingly data-driven world, and furthers our commitment to providing world-class customer service and solutions,” Steve Smith, CEO of Zayo, said in a recent release.
Both transactions are expected to close in the first half of 2026, and when they do, Zayo and the small cells business plan to enter a long-term commercial agreement in which Zayo will begin providing fiber to the small cells business.
Kirkland & Ellis served as the sole legal advisor to EQT on its acquisition of Crown Castle’s small cell solutions business. John Pitts (Houston) and Ben Hardison (Dallas) led the effort, working alongside associate Kersten Kober (Dallas). In addition, TD Securities served as the sole financial advisor to EQT on this transaction.
The Texas-based Kirkland & Ellis team declined to comment on its participation in the deal.
For Zayo’s acquisition of Crown Castle’s fiber solutions business, an East Coast-based Simpson Thacher & Bartlett team, led by lawyers Brian Chisling (New York) and Gabriel Silva (New York), advised Zayo, DigitalBridge and EQT on the acquisition.
PJT Partners, JP Morgan and UBS Investment Bank served as financial advisors to Zayo on the deal.
Through its acquisition of the small cell business, EQT will seek to support the company through its next growth phase by helping it bolster its asset base and build on its relationships with mobile network operators.
While Zayo’s acquisition of Crown Castle’s fiber solutions business further supports its strategic focus on investing in critical fiber infrastructure to support AI growth and expand its reach into new territories.