Zayo, the communications infrastructure provider backed by DigitalBridge and EQT, has entered into a definitive agreement to acquire Crown Castle’s Fibre Solutions business in a transaction valuing the business at approximately $4.25 billion (€3.92bn).

Additionally, EQT has announced that the EQT Active Core Infrastructure fund has agreed a deal to acquire Crown Castle’s Small Cells Solutions business in a transaction also valued at approximately $4.25 billion.

Zayo says its acquisition advances its strategic focus on investing in the fibre infrastructure that will support the growth of artificial intelligence (AI) across the US and drive economic acceleration, allowing enterprises to scale, compete and thrive in an increasingly digital world. Crown Castle’s complementary metro-focused fibre assets extend Zayo’s reach into strategically important geographies and will work hand-in-hand with the company’s existing long-haul networks to connect data centres across the country, enabling mission-critical connectivity in cities and rural communities nationwide. With the Crown Castle assets, Zayo will provide enterprises with improved access to the networks that power cloud computing and AI, adding approximately 90,000 route miles of fibre to Zayo’s network and increasing its overall reach to more than 70,000 on-net locations.

Zayo has spent more than $20 billion over the past five years on fibre infrastructure across the US and intends to continue investing billions in expanding the AI ecosystem through a fibre broadband solutions build-out.

“We are strategically investing in expanding and enhancing our country’s critical network infrastructure to meet the demands of hyperscalers, data centres, enterprises and carriers that will facilitate the growing AI economy,” said Steve M. Smith, Chief Executive Officer at Zayo. “This acquisition strengthens our ability to deliver the reliable, low-latency, high-capacity fibre solutions our customers need to scale in an increasingly data-driven world, and furthers our commitment to providing world class customer service and solutions.”

“As AI reshapes industries and accelerates economic transformation, this transaction underscores the vital nature of fibre and the critical role it plays as the backbone of innovation, productivity and market growth,” added Marc Ganzi, Chief Executive Officer of DigitalBridge. “With Crown Castle’s robust metro-focused assets, Zayo will be well-positioned to fuel AI adoption, enhance connectivity solutions and accelerate technological progress. We look forward to continuing to support Zayo as it helps to position the United States as a global powerhouse for AI and strengthen the country’s industrial capabilities.”

“AI is creating growing demand for data processing power and seamless connectivity that is pushing fibre infrastructure to the centre of the global economy. With this transaction, Zayo is taking decisive action to help ensure our country remains competitive on the global stage,” said Jan Vesely, Partner at EQT. “The addition of Crown Castle’s Fibre Solutions business is a strategic move to help fortify the United States’ AI-driven future by delivering the bandwidth, scalability and reliability required for next-generation applications. The companies and nations that lead in AI will be those that invest ambitiously in high-performance digital infrastructure. Zayo is doing exactly that, building the foundation necessary to support the next wave of global innovation, economic acceleration and technological progress.”

In regards to the EQT deal, Nirav Shah, partner within EQT’s Infrastructure Advisory team, commented: “Crown Castle’s Small Cells Solutions business is a platform at the heart of the next generation of digital infrastructure, enabling essential digital connectivity that will help power the future. With its significant scale, operational excellence, and deep carrier relationships, the Company is poised to benefit from positive digital tailwinds. We look forward to partnering with the business to help fuel its next phase of growth, drive cutting-edge innovation, and support the long-term expansion of critical digital infrastructure.” 

The total combined value of the Fibre Solutions and Small Cells transactions is $8.5 billion. The transaction is expected to close in the first half of 2026, subject to regulatory review and other customary closing conditions.

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Tags: Crown Castle, eqt, fibre, Zayo