Canada’s Public Sector Pension Investment Board (PSP Investments) and EQT Active Core Infrastructure will jointly acquire Radius Global Infrastructure, a multinational aggregator and owner of properties leased to wireless communications and other digital infrastructure operators. The partners will retain the Radius brand and take the company private through a cash deal of USD $15 per share, valued at approximately USD $3 billion (CAD $ 4 billion).
“Radius is a strong fit with PSP’s portfolio and mandate given it has inflation-adjusted contracted income, little exposure to GDP and substantial growth opportunities linked to demand for digital services,” says Patrick Charbonneau, PSP’s global head of infrastructure investments.
Radius management will continue to operate the company, which holds interests in the revenue streams of nearly 9,190 digital assets located on more than 7,020 different communications sites in 21 countries. About two thirds of that portfolio is in Europe with about 18 per cent in Canada and the United States and the remainder in Latin America.
“Partnering in a private capital context with EQT and PSP, both of which have significant expertise in communications infrastructure, will enable Radius to accelerate origination activity and further invest in both geographic expansion and adjacent asset opportunities,” says Bill Berkman, co-chair and chief executive officer of Radius.
The transaction is expected to close in the third quarter of 2023.
