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.

Crown Castle (NYSE:CCI) will sell all of its fiber segment in two transactions to an EQT fund and Zayo Group Holdings for a total of $8.5B and use the proceeds to repay debt and to buy back stock, the company said on Thursday.

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.