According to insider sources, a consortium of investors led by KKR is quickly gaining ground in the race to acquire a stake in Deutsche Telekom AG’s sizable wireless tower portfolio.

Deutsche Telekom is trying to sell a stake in its tower business. The sale may rank among the most prominent infrastructure deals in Europe this year. Wireless towers appeal to institutional investors because they produce consistent, long-term returns.

According to new sources, KKR made a bid alongside Global Infrastructure Partners and Stonepeak. They reportedly posted a more competitive offer than Brookfield Asset Management and Spain’s Cellnex Telecom SA. The sources requested to remain anonymous since the information is private.

$20 billion

The sources further note that Deutsche Telekom officially intends to select a winner as early as this week. The asset is valued at approximately $20 billion. Even if the negotiations are well underway, no conclusions have been reached. The sources indicate that Deutsche Telekom might opt to retain the portfolio or select another bid.

A blockbuster deal

Deutsche Telekom, Brookfield, Cellnex, GIP, and KKR representatives declined to comment. In the past few months, multiple insiders named Vodafone as one of the interested parties. A Vodafone spokeswoman recently confirmed that the organization is looking at possibilities to meet goals for its tower business.