Crown Castle sold its fiber optics business to EQT Active Core Infrastructure fund and Zayo Group Holdings for a total of $8.5 billion.

Telecommunications company Crown Castle Inc. has reached an agreement with an EQT AB fund and Zayo Group Holdings Inc. for each to buy separate parts of its fiber business for a combined value of $8.5 billion.

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,