Radius will retain its name and brand and will continue to be operated by its existing management team and employees worldwide.Ĭiti is serving as lead financial advisor, Goldman Sachs & Co. Radius shares will no longer be listed on any public securities exchange. Upon completion of the transaction, Radius will be a privately held company indirectly wholly owned by EQT Active Core Infrastructure and PSP, as well as Radius management. Berkman, Centerbridge Partners, L.P., Imperial Landscape Sponsor LLC, TOMS Acquisition II LLC and their respective affiliated entities, as applicable, have entered into agreements to vote their combined 21% ownership in favor of the transaction. Certain Radius shareholders, including Mr.
Radius has obtained consents to the transaction from certain of its lenders. It is expected to close in the third quarter of 2023, subject to satisfaction of customary closing conditions including the receipt of certain regulatory approvals and approval by Radius shareholders, as well as certain other conditions related to Radius' indebtedness and available cash. The Radius Board of Directors, upon the recommendation of a Transaction Committee comprised of independent directors, has unanimously approved the transaction, and the transaction is not subject to a financing condition.
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I want to thank EQT who brings valuable expertise to help this partnership reach its full potential and I look forward to working with the excellent management team at Radius to support their continued delivery of value-accretive products to their customers." "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. "PSP is thrilled to participate in this exciting acquisition of Radius Global Infrastructure," said Patrick Charbonneau, Senior Managing Director and Global Head of Infrastructure Investments at PSP. We look forward to partnering with the entire Radius team as they continue their strong growth trajectory." This acquisition aligns directly with EQT Active Core Infrastructure's investment criteria and thematic approach to investing - Radius' strong cash flows, sticky customer base, geographically diverse portfolio and inflation protection make the Company a strong fit for the fund. With EQT and PSP's support, we will continue to be a strong and collaborative partner for our tenants as we continue to grow Radius as the premier global aggregator and owner of digital infrastructure-oriented real property assets."Īlex Greenbaum, Partner within EQT Active Core Infrastructure's Advisory Team, said, "Radius is one of the market leaders in the aggregation of digital infrastructure sites and we believe it will benefit from long-term tailwinds supported by growing demand for data. I want to thank the incredible Radius team for their commitment and success in building the platform we have today.
"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. "This transaction is both an exciting next step for Radius and a great outcome for shareholders as it provides compelling value," said Bill Berkman, Co-Chairman and CEO of Radius. The purchase price represents a premium of 28% over the unaffected closing price of Radius shares on February 24, 2023, and a premium of 31% to the volume-weighted average price of Radius shares over the last 90 days.
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PSP is one of Canada's largest pension investment managers. EQT is a purpose-driven global investment organization. Radius is a leading global aggregator of real property interests underlying wireless telecommunications cell sites and other digital infrastructure assets. (NASDAQ: RADI), ("Radius"), EQT and Public Sector Pension Investment Board ("PSP") announced today that they have entered into a definitive agreement under which EQT Active Core Infrastructure and PSP will indirectly acquire Radius for $15.00 per share in cash, representing a total enterprise value of approximately $3.0 billion.
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