EQT, PSP Complete $3B Takeover of Radius Global Infrastructure

EQT, through its Active Core Infrastructure Fund, and the Canadian Public Sector Pension Investment Board (PSP Investments) have completed their roughly $3 billion take-private buyout of Bala Cynwyd, PA-based Radius Global Infrastructure, an aggregator of real property interests underlying wireless telecommunications cell sites and other digital infrastructure assets.

As per the agreement, shareholders will receive $15 in cash per share of Radius common stock.

Radius had interests in the revenue streams of more than 9,600 assets located throughout the US and 20 other countries at the start of July, at annualized revenues of about $177 million.

“The acquisition of Radius provides PSP Investments with an important opportunity to further increase its exposure to core, high-quality digital infrastructure assets benefiting from inflation passthrough mechanisms,” said Patrick Samson, SVP and global head of real assets investments at PSP, which has C$244 billion ($181 billion) in assets.

PSP Investments has C$29 billion ($22 billion) allocated to infrastructure investments, which falls under the real assets umbrella alongside real estate and natural resources.

At €224 billion ($239 billion), the Radius investment aligns with EQT’s thematic investment approach and focus on partnering with best-in-class companies and management teams, according to Alex Greenbaum, partner within EQT Active Core Infrastructure’s advisory team.

“As the largest real property-focused digital infrastructure investment platform globally, we look forward to continuing to grow our portfolio both organically and inorganically,” said Bill Berkman, Co-Chairman and CEO of Radius.