EQT Active Core Infrastructure, a fund managed by EQT AB (publ) (OM:EQT) entered into a definitive agreement to acquire Small Cells Solutions Business from Crown Castle Inc. (NYSE:CCI) in a the transaction valued at approximately $4.3 billion on March 13, 2025. In a related transaction, Zayo Group Holdings, Inc. agreed to acquire Fiber Solutions Business from Crown Castle Inc. in a transaction valued at $4.3 billion. Crown Castle currently expects to use the cash proceeds from the Transaction to repay existing indebtedness and fund anticipated share repurchases, positioning the Company to maintain an investment grade credit rating while instituting a share repurchase program of approximately $3 billion in conjunction with the closing of the Transaction. Buy side termination fee is (i) $386.25 million if the termination is due to breach of Purchasers? obligations or Purchasers? failure to close in certain circumstances, (ii) $150 million if the termination is due to the failure of the transactions contemplated by the Purchase Agreement to have been completed by September 13, 2026 as a result of a failure to obtain clearance under the HSR Act or (iii) $200 million if the Purchasers have elected to extend the Outside Date by an additional 6 months to March 13, 2027 and the termination is due to the failure of the transactions contemplated by the Purchase Agreement to have been completed by the Extended Outside Date as a result of a failure to obtain clearance under the HSR Act. The transaction is subject to regulatory review, antitrust approval and other customary closing conditions. The transaction was approved by Crown Castle's board. The transaction is expected to close in the first half of 2026.

TD Securities served as sole financial advisor and John Pitts and Ben Hardison of Kirkland & Ellis as legal advisor to EQT in connection with the transaction. Morgan Stanley & Co. LLC and Bank of America acted as financial advisors to Crown Castle on the transaction. Scott A. Barshay, Andrew D. Krause, Nickolas Bogdanovich, Scott Barshay, Danielle Penhall, Mark Wlazlo, Robert Zochowski, Mikhel Schecter, Timothy Cruickshank, John Kennedy, Christodoulos Kaoutzanis, Frances Mi, Patricia Vaz de Almeida, Anya Richter Hodes, Brian Krause, Jeffrey Samuels, Christopher Gonnella, Jean McLoughlin, Claudine Meredith-Goujon, Brianna van Kan, Salvatore Gogliormella, Scott Sher, Geoffrey Chepiga, Andre Bouchard, Andrew Gordon, Audrey Paquet, Benjamin Klein, David Cole, and William O?Brien of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Crown Castle.

EQT Active Core Infrastructure, a fund managed by EQT AB (publ) (OM:EQT) completed the acquisition of Small Cells Solutions Business from Crown Castle Inc. (NYSE:CCI) on May 1, 2026. On completion of the acquisition, Arium Networks was launched and will be headquartered in Charlotte, North Carolina. Arium Networks emerges as a leading digital infrastructure platform focused on the deployment of small cells, in-building and venue-based networks that enhance essential wireless connectivity across the United States. Crown Castle expects to use a portion of the sale proceeds to repurchase $1 billion of shares under its stock repurchase program approved by its Board of Directors effective May 1, 2026, and reduce outstanding debt by more than $7 billion.