Crown Castle sells fiber and small cell businesses for combined $8.5B enterprise value

CROWN CASTLE INC.

Fiber business sold to Zayo for $4.25B; small cells business sold to EQT affiliate for $4.25B; total EV $8.5B.
Closing expected in first half of 2026; not subject to financing condition or stockholder approval.
Conditions include HSR, FCC, and state PUC approvals; termination fees range from $150M to $386.25M.
Company will enter into transition services agreements and non-compete for 2.5 years post-close.
Crown Castle Operating Company is seller; proceeds will be cash subject to working capital adjustments.

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