EQT, Canadian Pension Fund to Buy Radius Global Infrastructure in $3B All-Cash Take-Private Deal

Swedish private equity firm EQT, through its Active Core Infrastructure fund, and Canada’s Public Sector Pension Investment Board, one of Canada’s largest pension boards, will acquire digital infrastructure specialist Radius Global Infrastructure for $15 per share, with a $3 billion valuation including debt.

The $15 price tag is a premium of 7.9% to the stock’s last close on February 24. The transaction is expected to close in the third quarter.

Pennsylvania-based Radius leases cell sites to wireless-tower operators. The deal will provide access to about 7,000 communications sites in the US and other countries.

“Radius is one of the market leaders in the aggregation of digital infrastructure sites and we believe it will benefit from long-term tailwinds supported by growing demand for data,” said Alex Greenbaum, Partner within EQT Active Core Infrastructure’s Advisory Team.

This is the first investment made through EQT Active Core Infrastructure; a long-term-focused fund launched in March 2022 with the aim of investing in core infrastructure providers.

Radius will be a privately held company indirectly owned by the EQT fund, the Canadian pension fund and Radius’ management upon completion of the deal.

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.