Crown Castle, a pure-play U.S. tower company, has announced plans to sell its small cells and fiber solutions businesses for an aggregate amount of $8.5 billion following a recent strategic review.
The company’s board of directors approved the sale of its small cells business to the EQT Active Core Infrastructure fund, managed by EQT, and the fiber solutions business to Zayo Group Holdings. Crown Castle believes this transaction enhances value for the company’s shareholders and positions the company for long-term success.
Crown Castle expects to use the cash proceeds from the transaction to repay existing debt and fund anticipated share repurchases. Crown Castle also plans to institute a share repurchase program of approximately $3 billion in conjunction with the closing of the transaction.
Crown Castle expects the wireless infrastructure market to continue to experience increasing demand, which is expected to drive tower growth for years to come. The compan
