EQT to acquire Crown Castle's Small Cells Solutions business
EQT has announced its acquisition of Crown Castle's Small Cells Solutions business for approximately $4.25 billion. The acquired company operates a nationwide portfolio of approximately 115,000 small cells across 43 states, serving the top three U.S. mobile network operators.
The transaction, expected to close in first half of 2026, is part of a larger deal where Zayo will separately acquire Crown Castle's Fiber Solutions business. The total combined transaction value is $8.5 billion. As part of the arrangement, Zayo and the Small Cells business will establish a long-term commercial agreement for fiber provision.
The Small Cells Solutions business specializes in deploying small cell networks that enhance wireless connectivity, particularly in high-demand areas lacking macro towers. The company is positioned to capitalize on increasing demand for network densification driven by 5G, IoT, and AI technologies.
EQT ha annunciato l'acquisizione del business Small Cells Solutions di Crown Castle per circa 4,25 miliardi di dollari. L'azienda acquisita gestisce un portafoglio nazionale di circa 115.000 piccole celle in 43 stati, servendo i primi tre operatori di rete mobile negli Stati Uniti.
La transazione, che si prevede si chiuderà nella prima metà del 2026, fa parte di un accordo più ampio in cui Zayo acquisirà separatamente il business Fiber Solutions di Crown Castle. Il valore totale combinato della transazione è di 8,5 miliardi di dollari. Come parte dell'accordo, Zayo e il business delle piccole celle stabiliranno un accordo commerciale a lungo termine per la fornitura di fibra.
Il business Small Cells Solutions è specializzato nell'implementazione di reti di piccole celle che migliorano la connettività wireless, in particolare in aree ad alta domanda che mancano di torri macro. L'azienda è posizionata per capitalizzare la crescente domanda di densificazione della rete guidata da tecnologie 5G, IoT e AI.
EQT ha anunciado su adquisición del negocio Small Cells Solutions de Crown Castle por aproximadamente 4,25 mil millones de dólares. La empresa adquirida opera un portafolio nacional de aproximadamente 115,000 pequeñas celdas en 43 estados, sirviendo a los tres principales operadores de red móvil en EE. UU.
La transacción, que se espera cierre en la primera mitad de 2026, es parte de un acuerdo más amplio donde Zayo adquirirá por separado el negocio Fiber Solutions de Crown Castle. El valor total combinado de la transacción es de 8,5 mil millones de dólares. Como parte del acuerdo, Zayo y el negocio de pequeñas celdas establecerán un acuerdo comercial a largo plazo para el suministro de fibra.
El negocio Small Cells Solutions se especializa en implementar redes de pequeñas celdas que mejoran la conectividad inalámbrica, particularmente en áreas de alta demanda que carecen de torres macro. La empresa está posicionada para capitalizar la creciente demanda de densificación de la red impulsada por tecnologías 5G, IoT y AI.
EQT는 Crown Castle의 Small Cells Solutions 사업을 약 42억 5천만 달러에 인수한다고 발표했습니다. 인수된 회사는 43개 주에서 약 115,000개의 소형 셀로 구성된 전국 포트폴리오를 운영하며, 미국의 3대 모바일 네트워크 운영자에게 서비스를 제공합니다.
이번 거래는 2026년 상반기 중에 완료될 것으로 예상되며, Zayo가 Crown Castle의 Fiber Solutions 사업을 별도로 인수하는 더 큰 거래의 일환입니다. 총 결합 거래 가치는 85억 달러입니다. 이번 협정의 일환으로 Zayo와 소형 셀 사업은 섬유 공급을 위한 장기 상업 계약을 체결할 것입니다.
Small Cells Solutions 사업은 무선 연결성을 향상시키는 소형 셀 네트워크를 배치하는 데 전문화되어 있으며, 특히 매크로 타워가 부족한 수요가 높은 지역에서 활동합니다. 이 회사는 5G, IoT 및 AI 기술에 의해 주도되는 네트워크 밀집화에 대한 증가하는 수요를 활용할 수 있는 위치에 있습니다.
EQT a annoncé l'acquisition de l'activité Small Cells Solutions de Crown Castle pour environ 4,25 milliards de dollars. L'entreprise acquise gère un portefeuille national d'environ 115 000 petites cellules dans 43 États, servant les trois principaux opérateurs de réseau mobile aux États-Unis.
La transaction, qui devrait être finalisée au cours du premier semestre 2026, fait partie d'un accord plus large dans lequel Zayo acquerra séparément l'activité Fiber Solutions de Crown Castle. La valeur totale combinée de la transaction est de 8,5 milliards de dollars. Dans le cadre de cet accord, Zayo et l'activité Small Cells établiront un accord commercial à long terme pour la fourniture de fibre.
L'activité Small Cells Solutions se spécialise dans le déploiement de réseaux de petites cellules qui améliorent la connectivité sans fil, en particulier dans les zones à forte demande manquant de tours macro. L'entreprise est bien positionnée pour tirer parti de la demande croissante de densification des réseaux, alimentée par les technologies 5G, IoT et IA.
EQT hat die Übernahme des Small Cells Solutions Geschäfts von Crown Castle für etwa 4,25 Milliarden Dollar angekündigt. Das übernommene Unternehmen betreibt ein landesweites Portfolio von etwa 115.000 kleinen Zellen in 43 Bundesstaaten und bedient die drei größten Mobilfunknetzbetreiber in den USA.
Die Transaktion, die voraussichtlich in der ersten Hälfte des Jahres 2026 abgeschlossen wird, ist Teil eines größeren Deals, bei dem Zayo das Fiber Solutions-Geschäft von Crown Castle separat erwerben wird. Der gesamte kombinierte Transaktionswert beträgt 8,5 Milliarden Dollar. Im Rahmen der Vereinbarung werden Zayo und das Small Cells-Geschäft eine langfristige kommerzielle Vereinbarung über die Bereitstellung von Glasfaser einrichten.
Das Small Cells Solutions-Geschäft ist auf die Implementierung von kleinen Zellnetzwerken spezialisiert, die die drahtlose Konnektivität verbessern, insbesondere in stark nachgefragten Gebieten ohne Makrotürme. Das Unternehmen ist in der Lage, von der steigenden Nachfrage nach Netzverdichtung zu profitieren, die durch 5G-, IoT- und KI-Technologien vorangetrieben wird.
- Significant transaction value of $4.25 billion
- Large operational scale with 115,000 small cells across 43 states
- Established contracts with top three U.S. mobile network operators
- Strategic long-term fiber agreement with Zayo
- Strong positioning for 5G and emerging technology growth
- Extended closing timeline until first half of 2026
- Transaction subject to regulatory review and approval
- Separation from Crown Castle's core business may cause operational transitions
Insights
Crown Castle's
The combined transactions total
By divesting both its Small Cells and Fiber Solutions businesses, Crown Castle appears to be streamlining operations to focus on its traditional tower infrastructure. This simplification could improve operational efficiency and capital allocation, potentially benefiting shareholders through more focused execution.
The transaction's extended closing timeline (first half of 2026) introduces execution risk and suggests complex regulatory hurdles. Additionally, the long-term commercial agreement whereby Zayo will provide fiber to the Small Cells business creates ongoing interdependencies between the divested assets.
For Crown Castle, this transaction potentially changes its growth profile and capital expenditure requirements. Small cells represent a growth vertical in wireless infrastructure due to increasing network densification needs. By exiting this business, Crown Castle may be sacrificing future growth opportunities while potentially improving near-term financial metrics and capital efficiency.
This divestiture represents a significant strategic pivot for Crown Castle in the evolving wireless infrastructure landscape. With approximately 115,000 small cells across 43 states serving the top three U.S. carriers, Crown Castle had built substantial scale in this segment that complemented its traditional tower business.
Small cells are increasingly critical infrastructure components for network densification, especially in high-demand areas lacking macro towers. As the article notes, these assets are particularly valuable given accelerating bandwidth demands driven by 5G deployment, IoT expansion, and emerging AI applications.
EQT clearly recognizes the long-term infrastructure value in small cells, positioning this acquisition as an investment in "essential digital connectivity." The buyer is acquiring a nationwide platform with established carrier relationships and contracted revenue streams - precisely the attributes that infrastructure investors value.
The commercial arrangement between the divested businesses (with Zayo providing fiber to the Small Cells business) highlights the natural technical synergy between these infrastructure elements. Small cells require fiber backhaul to function effectively, making this ongoing relationship necessary but potentially introducing operational complexity.
For Crown Castle, this transaction suggests a strategic decision to concentrate on its traditional tower assets rather than pursuing an integrated digital infrastructure approach. This could either prove advantageously focused or potentially limiting as wireless networks continue evolving toward more heterogeneous architectures combining macro sites, small cells, and distributed antenna systems.
The transaction's impact on Crown Castle's competitive positioning versus other infrastructure providers like American Tower and SBA Communications remains to be seen, particularly as carriers increasingly seek partners who can provide comprehensive infrastructure solutions.
- Crown Castle's Small Cells Solutions business builds and operates small cells nationwide, serving mobile densification needs for cellular carriers
- Transaction highlights EQT's active ownership approach by acquiring an attractive, stable core infrastructure platform targeting a substantial market opportunity
- EQT will aim to further accelerate the Company's future growth ambitions
Crown Castle's Small Cells Solutions business is a leading builder and operator of digital infrastructure, specializing in the deployment of small cell networks that enhance essential wireless connectivity. The Company operates a nationwide portfolio of approximately 115,000 small cells on air or under contract spread across 43 states, serving the top three
The increasing demand for bandwidth-intensive activities, driven by the proliferation of 5G, IoT, AI, and other emerging technologies, is accelerating the need for network densification. The Company is well-positioned to capitalize on these underlying digitization trends, providing turnkey services that enable carriers to expand coverage, improve network efficiency, and meet growing global mobile data traffic demands.
"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. "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."
"Crown Castle's Small Cells Solutions business is a platform at the heart of the next generation of digital infrastructure, enabling essential digital connectivity that will help power the future," said Nirav Shah, Partner within EQT's Infrastructure Advisory team. "With its significant scale, operational excellence, and deep carrier relationships, the Company is poised to benefit from positive digital tailwinds. We look forward to partnering with the business to help fuel its next phase of growth, drive cutting-edge innovation, and support the long-term expansion of critical digital infrastructure."
With a strong foundation of long-term contracts, operational expertise, and deep-rooted carrier relationships, the Company has firmly established itself as a partner of choice in the U.S. EQT will support the Company through its next phase of growth by leveraging its global scale and significant experience within the digital infrastructure space to strengthen its asset base and further deepen its relationships with leading mobile network operators.
Transaction Details
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
The transaction is expected to close in the first half of 2026, subject to regulatory review and other customary closing conditions.
TD Securities served as sole financial advisor and Kirkland & Ellis as legal advisor to EQT in connection with the transaction.
Contact EQT Press Office, press@eqtpartners.com
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https://news.cision.com/eqt/r/eqt-to-acquire-crown-castle-s-small-cells-solutions-business,c4118770
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