EQT Active Core Infrastructure and PSP Investments to acquire Radius

Radius’ shareholders will get $15 per share in a transaction valued at around $3bn.

  • Radius is the first investment signed by EQT Active Core Infrastructure
  • EQT is a global investment organisation based in Stockholm
  • PSP Investments, one of Canada’s largest pension systems, is based in Ottawa

EQT has announced that EQT Active Core Infrastructure fund and Public Sector Pension Investment Board (PSP Investments) will acquire Radius Global Infrastructure for a total enterprise value of around $3.0 billion.

Radius, based in Bala Cynwyd, Pennsylvania, is an international aggregator of rental streams underlying wireless and other communication related sites via the acquisition of real property interests and contractual rights. In 2022, the firm recorded $157.6 million in annualised in-place rents. It is active in over 20 countries across North and South AmericaEurope, and Australia.

With this acquisition, both the firms will assist Radius in its expansion efforts, according to a release.

Radius is the first investment signed by EQT Active Core Infrastructure, the release stated.

“This acquisition aligns directly with EQT Active Core Infrastructure’s investment criteria and thematic approach to investing – Radius’ strong cash flows, sticky customer base, geographically diverse portfolio and inflation protection make the company a strong fit for the fund,” said Alex Greenbaum, partner within EQT Active Core Infrastructure’s advisory team.

The transaction is likely to be completed in the third quarter of 2023, subject to relevant regulatory approvals.

Stockholm-headquartered EQT is a global investment organisation with €114 billion in assets under management.

PSP Investments, one of Canada’s largest pension systems, has C$230.5 billion net assets under management as of 31 March, 2022. The firm is headquartered in Ottawa.

Morgan Stanley & Co provided financial advice and Simpson Thacher & Bartlett served as legal advisor to EQT Active Core Infrastructure.