American Tower Corporation (NYSE:AMT) is weighing entering the race for a stake in €13 billion ($12.6 billion) wireless towers unit of Vodafone Group Public Limited Company (LSE:VOD), people familiar with the matter said. The US telecommunication infrastructure operator is exploring a possible investment in Frankfurt-listed Vantage Towers AG (DB:VTWR), the people said, asking not to be identified discussing confidential information. Vodafone plans to sell part of its roughly 82% interest in Vantage and has invited suitors to participate in an auction process.

Private equity firms KKR & Co. Inc. (NYSE:KKR), Global Infrastructure Partners, LLC and EQT AB (publ) (OM:EQT) are already in the running, Bloomberg News reported in September 2022. Spain's Cellnex Telecom, S.A. (BME:CLNX) has also studied the feasibility of an offer, the people said.

Deliberations are ongoing and there's no certainty that American Tower or Cellnex will decide to bid. Some of the interested parties may decide to form consortiums and other suitors could also emerge, according to the people. Vodafone expects bids to be made as soon as next week and may announce a new partner for Vantage in November 2022, they said.

American Tower fell 3.5% to close at $194.63 in New York trading October 7, 2022, giving the company a market value of about $91 billion. Representatives for American Tower, Cellnex, Vantage and Vodafone declined to comment.