M&A Deal Summary

EQT Acquires Crown Castle - Small Cells Solutions Business

On March 14, 2025, private equity firm EQT acquired communications company Crown Castle - Small Cells Solutions Business from Crown Castle for 4.3B USD

Acquisition Highlights
  • This is EQT’s 16th transaction in the Communications sector.
  • This is EQT’s 9th largest (disclosed) transaction.
  • This is EQT’s 59th transaction in the United States.
  • This is EQT’s 5th transaction in Texas.

M&A Deal Summary

Date 2025-03-14
Target Crown Castle - Small Cells Solutions Business
Sector Communications
Buyer(s) EQT
Sellers(s) Crown Castle
Deal Type Divestiture
Deal Value 4.3B USD

Target

Crown Castle - Small Cells Solutions Business

Houston, Texas, United States
Crown Castle’s Small Cells Solutions business builds and operates small cells nationwide, serving mobile densification needs for cellular carriers. Crown Castle’s Small Cells Solutions business is based in Houston, Texas.

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Buyer(S) 1

Buyer

EQT

Stockholm, Sweden

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 242.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

EQT is a global private equity group that purses a variety of investment strategies around the world. EQT is divided into several investment disciplines, including private capital, real assets, credit, and venture. The Firm's private capital group targets large, market-leading enterprises (investment size of €125 to €1.5 billion) across Europe and the US, as well as mid-market, growth companies (investment size of €40 to €125 million) across the US, Europe, China, and Southeast Asia. The Firm's real assets group seeks to identify control or co-control equity investments (investment size of €500 to €1 billion) in medium-sized infrastructure companies that provide an essential service to society, are recession resilient, and have secure cash flows. EQT's credit group provides flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. EQT was established in 1994 and is headquartered in Stockholm, Sweden.


DEAL STATS #
Overall 317 of 317
Sector (Communications) 16 of 16
Type (Divestiture) 52 of 52
State (Texas) 5 of 5
Country (United States) 59 of 59
Year (2025) 2 of 2
Size (of disclosed) 9 of 48
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-09 Scale Microgrids

Ridgewood, New Jersey, United States

Scale Microgrids is a vertically integrated solutions provider building the bridge to a sustainable energy future by transforming cutting-edge clean technologies into integrated packaged solutions. Scale Microgrids is based in Ridgewood, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-18 Dellner

Falun, Sweden

Dellner is a niche provider of safety-critical train connection systems for passenger rail rolling stock. The company offers full train connection systems including couplers, gangways, hatches, dampers, and crash management systems, complemented by aftermarket services and support. Dellner was founded in 1941 and is headquartered in Falun, Sweden.

Sell $960M

Seller(S) 1

SELLER

Crown Castle

Houston, Texas, United States

Category Company
Sector Communications
Employees4,700
Revenue 7.0B USD (2023)
DESCRIPTION
Entrance to Crown Castle's corporate headquarters in Houston, Texas.
Entrance to Crown Castle's corporate headquarters in Houston, Texas.

Crown Castle operates and leases shared wireless infrastructure, distributed antenna systems, and interests in land under third party towers. The Company's core business is providing access, including space or capacity, to towers, and to a lesser extent, to small cells and third party land interests via long-term contracts, including license, sublease and lease agreements. Crown Castle is based in Houston, Texas.


DEAL STATS #
Overall 2 of 2
Sector (Communications) 2 of 2
Type (Divestiture) 2 of 2
State (Texas) 2 of 2
Country (United States) 2 of 2
Year (2025) 2 of 2
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-13 Crown Castle - Fiber Solutions Business

Houston, Texas, United States

Crown Castle’s Fiber Solutions business offers communication solutions. Crown Castle’s Fiber Solutions business is based in Houston, Texas.

Sell $4.3B