The Firm is representing EQT Active Core Infrastructure in its announced definitive agreement under which EQT Active Core Infrastructure and Public Sector Pension Investment Board will indirectly acquire Radius Global Infrastructure for $15.00 per share in cash, representing a total enterprise value of approximately $3.0 billion. The agreement represents the first transaction signed by EQT Active Core Infrastructure. The transaction is expected to close in the third quarter of 2023, subject to satisfaction of customary closing conditions including the receipt of certain regulatory approvals and approval by Radius shareholders, as well as certain other conditions related to Radius’ indebtedness and available cash.
Radius, through its various subsidiaries, is a multinational owner and acquirer of triple net rental streams and real properties leased to wireless operators, wired operators, wireless tower companies, and other digital infrastructure operators. As of December 31, 2022, Radius had interests in the revenue streams of approximately 9,188 assets that were situated on approximately 7,024 different communications sites located throughout the United States and 20 other countries.
EQT is a purpose-driven global investment organization with EUR 113 billion in 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.
PSP is one of Canada’s largest pension investment managers with $230.5 billion of net assets under management as at March 31, 2022. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources and credit investments.
The Simpson Thacher team for the transaction includes: Robert Langdon, Michael T. Holick, Mark Myott, Koh Tanimoto, Sherry Shen, Jack Traylor, Omar Kanjwal, Chandler Mores, Christian Sheets and Diana Yen (M&A); Brian Steinhardt, Eli Isak, Andrew Bechtel, Kyle Nelson and Kwasi Mills-Bampoe (Credit); Robert Lee and Vandana Harris (Funds); David Rubinsky, Caitlin Lucey and Allison Sutherland (Executive Compensation and Employee Benefits); Benjamin Rippeon, William Smolinski and Matthew Lester (Tax); Hui Lin and Kirsten Harmon (Capital Markets); Lori Lesser, Rachelle Broida, Suyoung Jang and Mark Natividad (IP); Sara Razi, Antonio Bavasso, Josh Buckland, Max Fischer-Zernin and Sandeep Mahandru (Antitrust); Timothy Mulvihill (Environmental); Timothy Gallagher and Dennis Loiacono (Real Estate); and Jonathan Lindabury and Nathan Utterback (Derivatives).