Zayo to Acquire Crown Castle's Fiber Solutions Business

Continues Significant Investments in Critical Fiber Infrastructure to Facilitate AI Future and Support Reindustrialization of the United States

Transaction to Add Significant, Complementary Scale to Better Support Enterprise Customers in Key Metro Areas Across the United States

Zayo, a leading communications infrastructure provider backed by DigitalBridge and EQT, today announced it has entered into a definitive agreement to acquire Crown Castle's Fiber Solutions business in a transaction valuing the business at approximately $4.25 billion.

This acquisition advances Zayo's strategic focus on investing in the critical fiber infrastructure that will support the growth of artificial intelligence (AI) across the United States and drive economic acceleration, allowing enterprises to scale, compete and thrive in an increasingly digital world. Crown Castle's complementary metro-focused fiber 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 centers 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 fiber to Zayo's network and increasing its overall reach to more than 70,000 on-net locations.

By strengthening the United States' fiber foundation, this transaction will look to drive efficiencies, unlock opportunities in new and growing AI corridors and create the resilient digital infrastructure necessary for the nation's sustained economic and technological leadership. Zayo has spent more than $20 billion over the past five years on fiber infrastructure across the country and intends to continue investing billions in expanding the AI ecosystem in the United States through a robust fiber broadband solutions buildout, supporting the country's role as a global leader in AI.

"We are strategically investing in expanding and enhancing our country's critical network infrastructure to meet the demands of hyperscalers, data centers, 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 fiber 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 fiber and the critical role it plays as the backbone of innovation, productivity and market growth," said 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 fiber infrastructure to the center 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 Fiber 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."

Transaction Details

As part of the transaction, Zayo will acquire Crown Castle's Fiber Solutions business while the EQT Active Core Infrastructure fund will independently acquire Crown Castle's Small Cells 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 for Zayo to provide fiber to the Small Cells business. The total combined value of the Fiber 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.

Advisors

PJT Partners, J.P. Morgan and UBS Investment Bank served as financial advisors and Simpson, Thacher & Bartlett served as legal advisor to Zayo, DigitalBridge and EQT.

Cautionary Information Regarding Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements represent management's current expectations and are based on information presently available to the Company. Forward-looking statements involve risks, uncertainties and other factors, some of which are beyond the Company's control, that may cause actual events to differ materially from such forward-looking statements. The Company disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

About Zayo

For more than 17 years, Zayo has empowered some of the world's largest and most innovative companies to connect what's next for their business. The Zayo group of companies connects 400 global markets with future-ready networks that span over 18.7 million fiber miles and 146,000 route miles. Zayo's tailored connectivity solutions and managed services enable carriers, cloud providers, data centers, schools, and enterprises to deliver exceptional experiences, from core to cloud to edge. Discover how Zayo connects what's next at www.zayo.com and follow us on LinkedIn.

About DigitalBridge

DigitalBridge (NYSE:DBRG) is a leading global alternative asset manager dedicated to investing in digital infrastructure. With a heritage of over 25 years investing in and operating businesses across the digital ecosystem, including cell towers, data centers, fiber, small cells, and edge infrastructure, the DigitalBridge team manages $96 billion of infrastructure assets on behalf of its limited partners and shareholders. For more information, visit: www.digitalbridge.com.

About EQT

EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com

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Zayo

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DigitalBridge

Investors:

Severin White

Managing Director

(212) 547-2777

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Media:

Joele Frank, Wilkinson Brimmer Katcher

Jon Keehner / Sarah Salky

(212) 355-4449

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EQT

EQT Press Office

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