(Información remitida por la empresa firmante)
Radius owns and acquires critical digital infrastructure properties globally
Transaction highlights EQT’s active ownership approach by acquiring an attractive, stable core infrastructure asset portfolio within a growing platform targeting a substantial market opportunity
EQT Active Core Infrastructure and PSP Investments to further accelerate Radius’ growth and future success
STOCKHOLM, March 1, 2023 /PRNewswire/ — EQT is pleased to announce that the EQT Active Core Infrastructure fund («EQT Active Core Infrastructure») together with Public Sector Pension Investment Board («PSP») has agreed to acquire Radius Global Infrastructure («Radius» or the «Company») (NASDAQ:RADI). Under the terms of the agreement, Radius shareholders will receive $15.00 per share in cash in a transaction valued at a total enterprise value of approximately $3.0 billion.
Radius owns and acquires critical digital infrastructure, including ground, tower, rooftop and in-building cell sites, in over 20 countries across North and South America, Europe, and Australia. Radius’ portfolio of approximately 9,000 leases across nearly 7,000 sites serves more than 200 customers. The Company achieved $157.6 million in Annualized In-Place Rents as of the end of 2022.
We believe Radius is well positioned to benefit from the market’s growing need for critical digital infrastructure, accelerated by growing global mobile network data traffic, 5G densification of cell networks, IoT and new technologies. Radius’ sites serve as a critical element for cell tower and telecom companies and the Company is poised to benefit from these tailwinds while generating value for stakeholders within the value chain.
EQT and PSP will support the Company’s expansion efforts by leveraging their global scale and significant experience with digital infrastructure assets to expand Radius’ portfolio, including to new markets. Radius will be the first investment signed by EQT Active Core Infrastructure.
Alex Greenbaum, Partner within EQT Active Core Infrastructure’s Advisory Team, said, «Radius is one of the market leaders in the aggregation of digital infrastructure sites and we believe it will benefit from long-term tailwinds supported by growing demand for data. 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. We look forward to partnering with the entire Radius team as they continue their strong growth trajectory.»
Bill Berkman, CEO of Radius, said, «This transaction is both an exciting next step for Radius and a great outcome for shareholders as it provides compelling value. We are excited to partner with EQT for the next phase of growth. EQT’s global presence and hands-on approach will enable Radius to accelerate origination activity and further invest in both geographic expansion and adjacent asset opportunities. 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. I want to thank the incredible Radius team for their commitment and success in building the platform we have today.»
The transaction is expected to close in the third quarter of 2023, subject to customary conditions and approvals, as well as certain other conditions related to Radius’ indebtedness and available cash. The agreement to acquire Radius is the first transaction signed by EQT Active Core Infrastructure, which means that the fund has started charging management fees (which, in this fund, are based on net invested capital).
Morgan Stanley & Co. LLC served as financial advisor and Simpson Thacher & Bartlett LLP as legal advisor to EQT Active Core Infrastructure. Evercore served as financial advisor and Weil, Gotshall & Manges LLP as legal advisor to PSP Investments.
Contact
US inquiries:
Stephanie Greengarten, +1 646 687 6810, stephanie.greengarten@eqtpartners.com
International inquiries:
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Future will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the «Securities Act»), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.
In connection with the proposed transaction, Radius will file with the Securities and Exchange Commission (the «SEC») a proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, Radius intends to mail the definitive proxy statement and a proxy card to each shareholder entitled to vote at the special meeting relating to the proposed transaction. INVESTORS AND SHAREHOLDERS OF RADIUS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED TRANSACTION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Shareholders will be able to obtain free copies of the proxy statement and other documents containing important information about the Company once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. The proxy statement and other documents (when available) can also be obtained free of charge from Radius by directing a request to Radius’ Investor Relations at investorrelations@radiusglobal.com or by calling 1-484-278-2667.
PARTICIPANTS IN SOLICITATION
Radius and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Radius’ shareholders in connection with the proposed transaction. Information about the directors and executive officers of Radius is set forth in Radius’ SEC filings and on Radius’ website. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.
FORWARD-LOOKING STATEMENTS AND DISCLAIMERS
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