Crown Castle (CCI) stock rose 3% in pre-market trade on Friday after the cell tower operator said it would sell its small cells and fiber solutions businesses for a total of $8.5 billion. The communications-focused real estate investment trust (REIT) said it would sell its small cells business to private equity firm EQT AB and its fiber solutions

Crown Castle has announced an agreement has been reached to sell its fiber assets for a combined $8.5 billion. The company has agreed to sell its fiber assets to Zayo Group, while EQT Active Core Infrastructure will buy its small cell assets.

EQT announce that the EQT Active Core Infrastructure fund (EQT) has entered into a definitive agreement to acquire Crown Castle Inc.'s ("Crown Castle") Small Cells Solutions business (the "Company") in a transaction valuing it at approximately $4.25 billion.