Advising the $8.5 Billion Acquisitions of Crown Castle’s Fiber and Small Cells Businesses

On 1 May 2026, Zayo Group Holdings Inc. (Zayo) completed its acquisition of Crown Castle Inc.’s fiber business, and EQT Active Core Infrastructure Fund (EQT) closed its acquisition of Crown Castle’s small cells business after the Department of Justice reviewed the transactions, which were valued at $8.5 billion.

Managing Director Robert Kulick was retained by Crown Castle and its counsel at Morgan Lewis to analyze and advise on the competitive impact of the transactions. NERA submitted economic analyses to the DOJ and interfaced with Antitrust Division staff over the course of the engagement. The NERA team was led by Dr. Kulick and Director Mike LeGower and included Senior Consultant Janusz Mrozek, Senior Analyst Thomas McEvoy, Research Associate Leonora Willett, and Associate Analyst Meghan Scheffey.