Kirkland Advises EQT on Acquisition of Crown Castles Small Cells Solutions Business
Kirkland & Ellis counseled EQT Active Core on its definitive agreement to acquire Crown Castle Inc.’s Small Cells Solutions business, a leading builder and operator of digital infrastructure, in a transaction valuing it at approximately $4.25 billion. The transaction was announced March 13, 2025 and is expected to close in the first half of 2026, subject to regulatory review and other customary closing conditions.
As part of the transaction, the EQT Active Core Infrastructure fund will acquire Crown Castle’s Small Cells Solutions business, while Zayo, backed by the EQT Infrastructure IV fund and Digital Bridge, will independently acquire Crown Castle’s Fiber Solutions business, as communicated in a separate transaction announcement today. Concurrent with the acquisitions, Zayo and the Small Cells business will enter into a long-term commercial agreement whereby Zayo will provide fiber to the Small Cells business. The total combined value of the Fiber Solutions and Small Cells transaction is $8.5 billion.
The Kirkland team included corporate lawyers John Pitts, Ben Hardison and Kersten Kober.
