{"id":14729,"date":"2023-09-21T16:15:45","date_gmt":"2023-09-21T16:15:45","guid":{"rendered":"https:\/\/radiusmulti.wpenginepowered.com\/?p=14729"},"modified":"2026-10-05T16:17:03","modified_gmt":"2026-10-05T16:17:03","slug":"eqt-and-psp-complete-acquisition-radius-global-infrastructure","status":"publish","type":"post","link":"https:\/\/www.radiusglobal.com\/be-fr\/eqt-and-psp-complete-acquisition-radius-global-infrastructure\/","title":{"rendered":"EQT and PSP complete acquisition of Radius Global Infrastructure"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n

EQT and PSP complete acquisition of Radius Global Infrastructure<\/strong><\/h5>\n

Radius begins next stage of growth as a private company<\/em><\/p>\n

NEW YORK\u2013(BUSINESS WIRE)\u2013Sep. 21, 2023\u2013\u00a0Radius Global Infrastructure, Inc.\u00a0(\u201cRadius\u201d) (NASDAQ: RADI), a leading global aggregator of real property interests underlying wireless telecommunications cell sites and other digital infrastructure assets, announced the completion of its approximately\u00a0$3.0 billion\u00a0acquisition (the \u201cAcquisition\u201d) by the\u00a0EQT Active Core Infrastructure Fund\u00a0(\u201cEQT Active Core Infrastructure\u201d or \u201cEQT\u201d) and the\u00a0Public Sector Pension Investment Board\u00a0(\u201cPSP Investments\u201d or \u201cPSP\u201d).<\/p>\n

Under the terms of the merger agreement, which was approved by Radius stockholders at a special meeting held on\u00a0June 15, 2023, Radius stockholders will receive\u00a0$15.00\u00a0in cash per share of Radius common stock (the \u201cMerger Consideration\u201d). As a result of the completion of the Acquisition, Radius is now privately held and its common stock has ceased trading on the NASDAQ.<\/p>\n

\u201cWe are excited to begin this next chapter as a private company under EQT and PSP ownership,\u201d said\u00a0Bill Berkman, Co-Chairman and CEO of Radius. \u201cThis transaction is an exciting outcome for the company as well as our employees, customers, former shareholders, and the new ownership group. As the largest real property-focused digital infrastructure investment platform globally, we look forward to continuing to grow our portfolio both organically and inorganically and expanding our collaborative and constructive partnerships with our mobile network operator, tower company, and telco tenants around the world.\u201d<\/p>\n

\u201cOur investment in Radius demonstrates our conviction that the company will continue to be a leading aggregator of critical digital infrastructure. This investment aligns directly with our thematic investment approach and our focus on partnering with best-in-class companies and management teams. We are excited to partner with the Radius team on this next stage of growth, as we capitalize on the growing global demand for data.\u201d said\u00a0Alex Greenbaum, Partner within EQT Active Core Infrastructure\u2019s Advisory Team.<\/p>\n

\u201cThe acquisition of Radius provides PSP Investments with an important opportunity to further increase its exposure to core, high-quality digital infrastructure assets benefiting from inflation passthrough mechanisms. We are excited to partner with EQT who brings valuable expertise to help this partnership reach its full potential and we look forward to working closely with the experienced management team at Radius as the company embarks on its next phase of growth,\u201d said\u00a0Patrick Samson, Senior Vice President and Global Head of Real Assets Investments at PSP.<\/p>\n

Convertible Senior Notes<\/strong><\/p>\n

The Acquisition constitutes a \u201cFundamental Change\u201d and a \u201cMake-Whole Fundamental Change\u201d under Radius\u2019 2.50% Convertible Senior Notes due 2026 (the \u201cNotes\u201d), as such terms are defined in the indenture governing the Notes (the \u201cIndenture\u201d). The effective date of such Fundamental Change and such Make-Whole Fundamental Change is\u00a0September 21, 2023. Capitalized terms used in this section but not defined shall have the meanings ascribed to such terms in the Indenture.<\/p>\n

The Fundamental Change Repurchase Date is\u00a0October 20, 2023, and the Fundamental Change Repurchase Price is\u00a0$1,002.43055554, per\u00a0$1,000\u00a0principal amount, representing\u00a0$1,000\u00a0principal amount plus accrued and unpaid interest to, but excluding, the Fundamental Change Repurchase Date. The last date on which a Holder may exercise the repurchase right pursuant to the Indenture\u2019s Article 15 will be\u00a05:00 p.m.\u00a0New York City\u00a0time on\u00a0October 19, 2023.<\/p>\n

To exercise this repurchase right, each Holder must follow the procedures set forth in Section 15.02 of the Indenture, which include, but are not limited to, compliance with the Depositary\u2019s procedures for surrendering interests in Global Notes.<\/p>\n

Holders are also entitled to convert their Notes at any time until\u00a0October 20, 2023. Conversions will be made at a Conversion Rate equal to 44.2087 units of Reference Property per\u00a0$1,000\u00a0principal amount. The dollar value of each unit of Reference Property shall be\u00a0$15.00, an amount equal to the Merger Consideration.<\/p>\n

The Notes with respect to which a Holder has delivered a Fundamental Change Repurchase Notice may be converted only if the Holder withdrawssuch Fundamental Change Repurchase Notice in accordance with the terms of the Indenture. For the avoidance of doubt, such withdrawal must occur by\u00a05:00 p.m.\u00a0New York City\u00a0time on\u00a0October 19, 2023. If you exercise your right to convert the Notes prior to\u00a05:00 p.m.\u00a0New York City Time on\u00a0October 20, 2023,you will receive\u00a0$633.13\u00a0cash per\u00a0$1,000\u00a0principal amount of Notes.<\/p>\n

The name and address of the Conversion and Paying Agent if you choose to convert your Notes or exercise the repurchase right described herein is:<\/p>\n

U.S. Bank Global Corporate Trust Services
\n111 Fillmore Ave,\u00a0St. Paul, MN\u00a055107
\nCorporate Trust Support & Operations
\nEP-MN-WS1P
\ncts.specfinance@usbank.com<\/a><\/p>\n

Advisors<\/strong><\/p>\n

Citi served as lead financial advisor,\u00a0Goldman Sachs & Co. LLC\u00a0served as financial advisor and\u00a0Cravath, Swaine & Moore LLP\u00a0served as legal advisor to Radius. Barclays served as financial advisor and\u00a0Morris, Nichols, Arsht & Tunnel LLP\u00a0served as legal advisor to the Transaction Committee of the Board of Directors of Radius.<\/p>\n

Morgan Stanley & Co. LLC\u00a0and\u00a0Simpson Thacher & Bartlett LLP\u00a0served as financial and legal advisors, respectively, to EQT Active Core Infrastructure. Evercore and\u00a0Weil, Gotshal & Manges LLP\u00a0served as financial and legal advisors, respectively, to PSP.<\/p>\n

About Radius<\/strong><\/p>\n

Radius Global Infrastructure, Inc., through its various subsidiaries, is a multinational owner and acquiror of triple net rental streams and real properties leased to wireless operators, wired operators, wireless tower companies, and other digital infrastructure operators as part of their infrastructure required to deliver a wide range of services. As of\u00a0June 30, 2023, Radius had interests in the revenue streams of approximately 9,662 assets that were situated on approximately 7,412 different communications sites located throughout\u00a0the United States\u00a0and 20 other countries. Annualized contractual revenue from the rents expected to be collected on the leases in-place at that time from the assets was approximately\u00a0$176.7 million.<\/p>\n

About EQT<\/strong><\/p>\n

EQT is a purpose-driven global investment organization with\u00a0EUR 224 billion\u00a0in total assets under management (EUR 126 billion\u00a0in fee-paying assets under management) within two business segments \u2013\u00a0Private Capital\u00a0and Real Assets. EQT owns portfolio companies and assets in\u00a0Europe,\u00a0Asia-Pacific\u00a0and the\u00a0Americas\u00a0and supports them in achieving sustainable growth, operational excellence and market leadership.<\/p>\n

For more information, please visit\u00a0www.eqtgroup.com<\/a>.<\/p>\n

About PSP Investments<\/strong><\/p>\n

The\u00a0Public Sector Pension Investment Board\u00a0(PSP Investments) is one of Canada\u2019s largest pension investment managers with\u00a0$243.7 billion\u00a0of net assets under management as of\u00a0March 31, 2023. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the\u00a0Government of Canada\u00a0for the pension plans of the federal Public Service, the Canadian Forces, the\u00a0Royal Canadian Mounted Police\u00a0and the Reserve Force. Headquartered in\u00a0Ottawa, PSP Investments has its principal business office in\u00a0Montr\u00e9al\u00a0and offices in\u00a0New York,\u00a0London\u00a0and\u00a0Hong Kong.<\/p>\n

For more information, please visit\u00a0www.investpsp.com<\/a>.<\/p>\n

Forward-Looking Statements and Disclaimers<\/strong><\/p>\n

Certain matters discussed in this press release, including the attachments, contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d), that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, capital expenditures, plans and objectives, macroeconomic conditions and our transaction with certain affiliates of EQT and PSP. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201coutlook,\u201d \u201cplan,\u201d \u201ccontinue,\u201d \u201cintend,\u201d \u201cshould,\u201d \u201cmay,\u201d \u201cwill,\u201d or similar expressions, their negative or other variations or comparable terminology.<\/p>\n

Forward-looking statements are subject to significant risks and uncertainties and are based on current beliefs, assumptions and expectations based upon our historical performance and on our current plans, estimates and expectations in light of information available to us. Any forward-looking statement speaks only as of the date on which it is made. Except as required by law, we are not obligated to, and do not intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy, liquidity and our transaction with certain affiliates of EQT and PSP. Actual results may differ materially from those set forth in the forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.<\/p>\n

Certain important factors that we think could cause our actual results to differ materially from expected results are summarized below. Other factors besides those summarized could also adversely affect us. We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for management to predict all such risks and uncertainties or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.<\/p>\n

Important other factors that could cause our actual results to differ materially from those expressed in or contemplated by the forward-looking statements include, but are not limited to: the extent that wireless carriers (mobile network operators, or \u201cMNOs\u201d) or tower companies consolidate their operations, exit the wireless communications business or share site infrastructure to a significant degree; the extent that new technologies reduce demand for wireless infrastructure; competition for assets; whether the tenant leases for the wireless communication tower, antennae or other digital communications infrastructure located on our real property interests are renewed with similar rates or at all; the extent of unexpected lease cancellations, given that most of the tenant leases associated with our assets may be terminated upon limited notice by the MNO or tower company and unexpected lease cancellations could materially impact cash flow from operations; economic, political, cultural, and regulatory risks and other risks to our operations, including risks associated with fluctuations in foreign currency exchange rates and local inflation rates; the effect of the Electronic Communications Code in the\u00a0United Kingdom, which may limit the amount of lease income we generate in the\u00a0United Kingdom; the extent that we continue to grow at an accelerated rate, which may prevent us from achieving profitability or positive cash flow at a company level (as determined in accordance with GAAP) for the foreseeable future, particularly given our history of net losses and negative net cash flow; the fact that we have incurred a significant amount of debt and may in the future incur additional indebtedness; the extent that the terms of our debt agreements limit our flexibility in operating our business; and the other factors, risks and uncertainties described in our Annual Report on Form 10-K for the fiscal year ended\u00a0December 31, 2022\u00a0and in our subsequent filings under the Exchange Act.<\/p>\n

\"\"<\/figure>\n

View source version on\u00a0businesswire.com<\/a>:\u00a0https:\/\/www.businesswire.com\/news\/home\/20230921582147\/en\/<\/a><\/p>\n

Radius Global:<\/p>\n

Investor Relations:
\nJason Harbes, CFA
\nEmail:\u00a0investorrelations@radiusglobal.com<\/a>
\nPhone: 1-484-278-2667<\/p>\n

Media:
\nFGS Global
\nGeorge Sard\/Jared Levy\/Suzanne Byowitz
\nEmail:\u00a0RadiusGlobal@fgsglobal.com<\/a>
\nPhone: 1-212-687-8080<\/p>\n

EQT:<\/p>\n

US:
\nMathilde Milch
\nEmail:\u00a0mathilde.milch@eqtpartners.com<\/a>
\nPhone: 1-917-510-6626<\/p>\n

International:
\nEQT Press Office
\nEmail:\u00a0press@eqtpartners.com<\/a>
\nPhone: +46 8 506 55 334<\/p>\n

PSP Investments:<\/p>\n

Media:
\nMaria Constantinescu
\nEmail:\u00a0media@investpsp.ca<\/a>
\nPhone: 1-514-218-3795 | 1-844-525-3795<\/p>\n

Source:\u00a0Radius Global Infrastructure, Inc.<\/p>\n

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Radius Global Infrastructure, Inc. (\u201cRadius\u201d) (NASDAQ: RADI), a leading global aggregator of real property interests underlying wireless telecommunications cell sites and other digital infrastructure assets, announced the completion of its approximately $3.0 billion acquisition (the \u201cAcquisition\u201d) by the EQT Active Core Infrastructure Fund (\u201cEQT Active Core Infrastructure\u201d or \u201cEQT\u201d) and the Public Sector Pension Investment Board (\u201cPSP Investments\u201d or \u201cPSP\u201d).<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"editor_notices":[],"footnotes":""},"categories":[34],"tags":[],"class_list":["post-14729","post","type-post","status-publish","format-standard","hentry","category-press-releases","category-34","description-off"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.radiusglobal.com\/be-fr\/wp-json\/wp\/v2\/posts\/14729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.radiusglobal.com\/be-fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.radiusglobal.com\/be-fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.radiusglobal.com\/be-fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.radiusglobal.com\/be-fr\/wp-json\/wp\/v2\/comments?post=14729"}],"version-history":[{"count":2,"href":"https:\/\/www.radiusglobal.com\/be-fr\/wp-json\/wp\/v2\/posts\/14729\/revisions"}],"predecessor-version":[{"id":14731,"href":"https:\/\/www.radiusglobal.com\/be-fr\/wp-json\/wp\/v2\/posts\/14729\/revisions\/14731"}],"wp:attachment":[{"href":"https:\/\/www.radiusglobal.com\/be-fr\/wp-json\/wp\/v2\/media?parent=14729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.radiusglobal.com\/be-fr\/wp-json\/wp\/v2\/categories?post=14729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.radiusglobal.com\/be-fr\/wp-json\/wp\/v2\/tags?post=14729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}