Crown Castle to sell fiber assets to EQT Active Core and Zayo in $8.5 billion deal

Crown Castle said on Thursday it will sell its fiber assets to two entities for $8.5 billion, after activist investor Elliott Investment Management pushed the wireless tower operator for changes.

The company is selling its small cells business to EQT Active Core Infrastructure fund and its fiber solutions one to Zayo Group Holdings, each for $4.25 billion.

Shares of the Texas-based company rose 4% in extended trading.