Uniti Group Surges 15.8% as T-Mobile, TPG Eye Fiber Assets for Acquisition
NEW YORK, April 1 -
Uniti Group Inc. (UNIT) jumped 15.8% to $9.38 after reports that T-Mobile US and private equity firm TPG are evaluating its fiber network assets for a takeover. The company spent years restructuring its balance sheet. Now it's on someone else's shopping list.
- UNIT closed at $9.38, its third consecutive day of gains, on volume well above the 90-day average.
- Enterprise value sits at roughly $11.4bn against an EV/EBITDA multiple of 7.6x, with $10.7bn in long-term debt.
- Next catalysts: formal bid announcements, disclosed offer price per share, and whether T-Mobile and TPG pursue a joint or separate bid.
What Actually Happened
The suitors tell you more than the headline does. According to TMT Finance, T-Mobile wants the Kinetic fiber-to-the-home business while TPG is circling the enterprise segment. They could also partner for a full acquisition. One wants the residential fiber, the other wants the corporate contracts, and both may decide it's cheaper to buy the whole company. A strategic buyer paired with a financial sponsor is the bidding structure that produces premium offers.
Uniti only completed its merger with Windstream eight months ago, in August 2025. That deal created one of the largest independent fiber operators in the U.S. with pro forma revenue of $3.79bn and adjusted EBITDA of $1.54bn. The combined entity gave up its REIT status and killed common stock dividends to attack a $10.7bn debt pile. Shareholders stomached all of that. Now the asset may get flipped before management's own deleveraging plan runs its course. If a deal closes, those who held through the integration get paid for patience they didn't enjoy.
Management had already flagged $500mn–$1bn in non-core asset sales to reduce leverage and boost EBITDA by up to $100mn. A full takeout by T-Mobile, TPG, or both would skip that piecemeal approach entirely. It would clear the balance sheet at a premium above the current $11.4bn enterprise value. Two buyers competing for overlapping assets is the best hand UNIT shareholders have held in years.
The Catch
No formal sale process has begun. Uniti has only said it is "open to reviewing interest from several parties" — a statement so noncommittal it barely qualifies as a signal. Early-stage talks fail routinely. They fail more often when the target carries $10.7bn in debt that any acquirer must refinance or absorb. That's not a rounding error. It's a balance sheet that could kill a deal at the financing stage. If neither T-Mobile nor TPG tables a binding offer, the stock retraces toward pre-report levels. At 7.6x EV/EBITDA, the standalone valuation leaves little room for disappointment.
Bottom Line
A 15.8% move on unconfirmed takeout interest reflects real deal probability — but not certainty. The bull case: two credible buyers, complementary interest in different segments, and an asset base large enough to justify the complexity. The bear case: $10.7bn in debt scares off everyone, and you're left holding a recently merged fiber operator still mid-turnaround. Size positions for a yes-or-no outcome.
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