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.

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 shares surged after selling Fiber segment for $8.5 billion, announcing quarterly results and plans for share buyback as well as dividend reduction.