RADI - Radius Global to be acquired by EQT fund Canadian pension board at $3B enterprise value

Radius Global Infrastructure ( NASDAQ: RADI ) said Wednesday it will be acquired by a fund owned by private equity firm EQT and one of Canada's largest pension boards for total enterprise value of ~$3B .

Shares of Radius ( RADI ) rose 4.8% after the bell.

EQT Active Core Infrastructure and Public Sector Pension Investment Board will indirectly acquire Radius ( RADI ), which leases cell sites to wireless-tower operators, for $15/share in cash.

The per share deal value represents a 7.9% premium to Radius' ( RADI ) last close. The deal is not subject to a financing condition.

"Partnering in a private capital context with EQT and PSP will enable Radius ( RADI ) to accelerate origination activity and further invest in geographic expansion and adjacent asset opportunities," said Radius CEO Bill Berkman.

Once the deal closes, Radius ( RADI ) will be a privately held company indirectly owned by the EQT fund, PSP, and Radius' management.

Radius ( RADI ) will retain its name and brand, and will continue to be operated by its existing management and employees.

"This acquisition aligns directly with EQT Active Core Infrastructure's investment criteria - Radius' ( RADI ) strong cash flows, sticky customer base, geographically diverse portfolio and inflation protection make it a strong fit for the fund," said Alex Greenbaum, partner, EQT Active Core Infrastructure's advisory team.

The deal is expected to close in Q3.

Earlier, Radius ( RADI ) delayed its Q4 earnings release .

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