The fiber company said it will sell its small cells business to EQT Active Core Infrastructure fund and its fiber solutions business to Zayo Group Holdings, each for $4.25 billion.
The shares of the Houston, Texas-based company rose 2% in extended trading.
Crown Castle was exploring options for its fiber assets, after reaching a deal with Elliott, who criticized the company for its continued underperformance. As part of the deal, the company replaced two directors on its board in December 2023.
Earlier that month, the company's former CEO Jay Brown had resigned after Elliott, which disclosed a stake of about $2 billion stake in the company, sought leadership changes.
Crown Castle forecast 2025 site rental revenue between $3.99 billion and $4.03 billion compared with estimates of $6.23 billion.
The company also said it expects to implement a share repurchase program of around $3 billion after the deal closes. It is also expected to reduce its annualized dividend to approximately $4.25 per share in the second quarter of 2025.
The transaction is expected to close in the first half of 2026, the company said.
