EQT Spearheads $8.5B Acquisition of Crown Castle’s Fiber-Optic Assets

EQT AB’s Active Core Infrastructure fund and Zayo Group Holdings Inc., co-owned by EQT and DigitalBridge, have agreed to purchase distinct segments of Crown Castle Inc.’s fiber-optic business in a deal totaling $8.5 billion.

EQT AB will acquire Crown Castle Inc.’s Small Cell division for $4.25 billion, encompassing 115,000 small cells across 43 states. Zayo Group Holdings Inc. will purchase Crown Castle’s fiber technology assets for $4.25 billion, adding 90,000 route miles of fiber and extending its network to over 70,000 locations.

“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.”

The debut EQT Active Core Infrastructure fund closed in September 2024 with $3.2 billion in fee-generating commitments. Prior investments include Ocea Group, Radius Global Infrastructure—acquired with PSP Investments for $3 billion as a key digital infrastructure sites owner—and Tion Renewables.”

EQT AB, a Swedish investment powerhouse, manages $269 billion in assets across private equity, infrastructure, and real estate. Denver-based Zayo Group Holdings Inc. delivers telecom solutions to carriers, ISPs, businesses, and government agencies. EQT and DigitalBridge acquired Zayo for $14.3 billion in 2019.

The deal is expected to close in the first half of 2026. TD Securities served as the sole financial advisor, with Kirkland & Ellis providing legal counsel to EQT for the transaction.