Crown Castle agreed to sell its fiber segment for $8.5 billion following a more than year-long strategic review of the business. The communications infrastructure owner and operator said Thursday it plans to sell the small cells part of the business to EQT Active Core Infrastructure,

Crown Castle has announced an agreement has been reached to sell its fiber assets for a combined $8.5 billion. The company has agreed to sell its fiber assets to Zayo Group, while EQT Active Core Infrastructure will buy its small cell assets.

Crown Castle (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.