EQT Active Core Infrastructure acquires Radius Global Infrastructure, Inc. (2023)

Deal facts

Buyer: EQT Active Core Infrastructure
Target: Radius Global Infrastructure, Inc.
Deal value: Not disclosed
Announced: 21 September 2023
Status: Completed
Sector: Other
Country: United States
Consideration: cash

Sources

SEC_EDGAR_8K

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Deal timeline

1 update

21 Sept 2023CompletedClosed
EQT Active Core Infrastructure completes acquisition of Radius Global Infrastructure, Inc.
Introductory Note On September 21, 2023 (the “ Closing Date ”), Radius Global Infrastructure, Inc., a Delaware corporation (“ Radius ” or the “ Company ”), EQT Active Core Infrastructure (“ EQT ”) and the Public Sector Pension Investment Board (“ PSP ”), completed the previously announced acquisition of Radius by EQT and PSP, through certain of their respective controlled affiliates. Pursuant to t
Source

OpinionExit Mode editorial

We see a clear signal in the deal where EQT Active Core Infrastructure acquired Radius Global Infrastructure, Inc. This transaction, announced on 21 September 2023 and now completed, represents a classic going-private move for a US-based entity. The structure is straightforward: a cash consideration paid by a private equity buyer to take the target off the public markets. While the specific value remains undisclosed, the mechanics speak volumes about the current appetite for infrastructure assets in the current climate. The shift from public to private ownership often allows management to focus on long-term operational improvements without the quarterly pressure of public markets.

For the SME founder watching from across the Atlantic, this deal highlights the enduring power of cash offers in a volatile rate environment. When a buyer commits to a full cash exit, it removes the uncertainty of stock-based consideration and the risk of market fluctuations post-signing. This is particularly relevant for infrastructure businesses where capital intensity is high and long-term stability is prized over short-term earnings volatility. The fact that EQT moved to complete this transaction suggests they see significant value in the underlying asset class that the public markets have yet to fully price in. We believe this approach offers a template for founders who prioritise certainty of closure over the potential for a higher but riskier equity deal.

Regulatory scrutiny in the US for such transactions is generally predictable, provided the deal does not trigger specific anti-trust thresholds or national security reviews under CFIUS. Since this is a private equity buyout of an infrastructure firm, the primary focus would have been on ensuring no change-of-control covenants in existing debt facilities were breached. The clean cash structure avoids the complex prospectus rules that often delay public-to-private conversions. This efficiency is a key reason why private equity firms remain active buyers even when public markets are sluggish. The completion status confirms that all necessary regulatory clearances were secured without material delay.

You should review your current debt covenants this week to identify any change-of-control triggers that could complicate a future sale. Many founders overlook how specific clauses in their credit agreements can force a deal to fail or require costly waivers, even when a buyer is ready to pay cash. Understanding these constraints now will prevent last-minute negotiations from derailing a potential exit later.

Editorial opinion. Not financial or legal advice.

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