EQT AB, through its Active Core Infrastructure fund, agreed to acquire a significant portion of Crown Castle Inc.’s fiber-optic business in an $8.5bn deal. 

Zayo Group Holdings Inc., backed by EQT and DigitalBridge, will also participate in the transaction, strengthening its fiber network with additional assets.

Under the agreement, EQT will take over Crown Castle’s Small Cell division, which operates 115,000 small cells across 43 states. These assets, valued at $4.25bn, enhance wireless network capacity in high-demand areas without macro towers. Meanwhile, Zayo will acquire Crown Castle’s fiber technology development assets, adding 90,000 miles of fiber to its network and expanding total coverage to 70,000 locations.

Expected to close in the first half of 2026, the acquisition underscores EQT’s growing investment in digital infrastructure. The deal also aligns with Crown Castle’s shift toward its core business of managing 40,000 U.S. telecom towers. As part of this transition, Crown Castle plans to launch a $3bn share buyback program.

EQT AB, a Swedish investment giant, oversees €210bn ($227bn) in assets across private equity, infrastructure, and real estate. Zayo Group, based in Denver, provides telecom solutions to carriers, ISPs, businesses, and government agencies. EQT and DigitalBridge previously acquired Zayo for $14.3bn in 2019.

As private equity firms deepen their footprint in digital infrastructure, EQT’s latest move highlights the increasing demand for robust fiber networks amid surging data consumption and connectivity needs.

Source: AK&M