EQT Active Core Infrastructure and Public Sector Pension Investment Board, a Canadian-based pension investment manager, have acquired Radius Global Infrastructure Inc. for $15 per share in cash, representing a total enterprise value of approximately $3 billion.
Radius is a global aggregator of property interests underlying wireless telecommunications cell sites and other digital infrastructure assets. As of December 31, Radius had interests in the revenue streams of approximately 9,188 assets that were situated on approximately 7,024 communications sites located throughout the U.S. and other countries.
“Partnering in a private capital context with EQT and PSP, both of which have significant expertise in communications infrastructure, will enable Radius to accelerate origination activity and further invest in both geographic expansion and adjacent asset opportunities” says Bill Berkman, co-chairman and CEO of Radius. “With EQT and PSP’s support, we will continue to be a strong and collaborative partner for our tenants as we continue to grow Radius as the premier global aggregator and owner of digital infrastructure-oriented real property assets.”
Citi is serving as financial advisor, Goldman Sachs & Co. LLC is serving as financial advisor and Cravath, Swaine & Moore LLP is serving as legal advisor to Radius. Barclays is serving as financial advisor and Morris, Nichols, Arsht & Tunnel LLP is serving as legal advisor to the transaction committee of the board of directors of Radius. Morgan Stanley & Co. LLC and Simpson Thacher & Bartlett LLP are serving as financial and legal advisors, respectively, to EQT Active Core Infrastructure. Evercore and Weil, Gotshal & Manges LLP are serving as financial and legal advisors, respectively, to PSP.