EQT Active Core Infrastructure fund said on Wednesday it had, together with the Public Sector Pension Investment Board, agreed to buy Radius Global Infrastructure in a deal valued at $1.43bn.
Including debt, the deal value would be about $3bn.
Under the terms of the deal, Radius shareholders will receive $15 per share in cash, which represents a premium of 7.9% to the stock’s last close.
The deal would expand EQT’s digital infrastructure portfolio, which includes Zayo, GlobalConnect and EdgeConneX.
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Shares of Radius Global, which leases cell sites to wireless tower companies and mobile network operators, were up 4.7% at $14.55 in aftermarket trade.
Radius will be a privately held company after the deal is completed, and will be indirectly wholly owned by EQT Active Core Infrastructure and Public Sector Pension Investment Board, as well as Radius management.
The transaction is expected to close in the third quarter of 2023.
Morgan Stanley & Co LLC served as financial adviser to EQT. Citi is serving as lead financial advisor and Goldman Sachs & Co is serving as financial adviser for Radius.
Source: Reuters
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