EQT, DigitalBridge and Zayo See 'Gargantuan' Upside in Fiber Networks

Two of the world's biggest digital infrastructure investors - EQT and DigitalBridge - are bullish about fiber networks, and tell Cool Vector why.

 

The long-term bet on fiber began in 2019, when EQT and DigitalBridge jointly took Zayo private in a $14 billion transaction. In March 2025, the group announced another wave of investment - Zayo's acquisition of Crown Castle's fiber solutions business for $4.25 billion, and EQT Active Core Infrastructure's acquisition of the Crown Castle small-cells business for $4.25 billion.

 

In a recent interview, Cool Vector's David Snow and Phillip Koblence caught up with  Arnav Mitra, Managing Director of EQT, Jonathan Friesel, Senior Managing Director of DigitalBridge, and Bill Long, Chief Product and Strategy Officer, of Zayo, to learn about the bright future of fiber optic networks. 

 

 "Connectivity is increasing, bandwidth needs are increasing," says Jonathan Friesel of DigitalBridge. "There was a study a bunch of years ago where they talked about the hierarchy of needs, and broadband connectivity came out ahead of water, which literally means that people would rather die than lose their broadband connection."

 

Among the key takeaways of this fascinating conversation: 

 

AI is creating a step-function in bandwidth, giving fiber investors a “free option” on outsized growth. "The way that this deal came together was, it was a good asset at the right price with a gargantuan upside option value," says Bill Long of Zayo. 

 

For hyperscalers and edge expansion, fiber has become as decisive as power in site selection and network strategy. "Fiber is certainly just as critical to the data center ecosystem as power is," says Arnav Mitra of EQT. 

 

Zayo’s take-private unlocked the multi-year investments needed to integrate 47 acquisitions and deliver a single, coherent platform. "Being a private company, being able to make those long-term value creation bets, is a better instrument than waking up every quarter to have the public markets judging you," says Long.

 

Physics favors fiber for moving massive data volumes—making in-ground fiber a long-lived, compounding asset. "Being able to constrain a wave in a piece of fiber is always going to be several orders of magnitude more efficient for conveying large amounts of data relative to broadcasting it over an open medium like the air," says Long.

 

Clear signs of market froth include speculative builds and financing deals that effectively give away future monetization. "Anytime you're doing long-term IRUs of your assets, and you have no further opportunity to monetize them, that feels more like an asset sale or a capital infusion," says Mitra.

 

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