Zayo said the purchase will expand its fiber network and reinforce its strategic focus on enabling AI and digital transformation across the U.S.

Crown Castle (NYSE:CCI) will sell all of its fiber segment in two transactions to an EQT fund and Zayo Group Holdings for a total of $8.5B and use the proceeds to repay debt and to buy back stock, the company said on Thursday.

Zayo, a leading communications infrastructure provider backed by DigitalBridge and EQT, announced it has entered into a definitive agreement to acquire Crown Castle’s Fiber Solutions business in a transaction valuing the business at approximately $4.25 billion.