Investing.com-- Private equity firm TPG Inc. is in advanced talks to buy tower operator Crown Castle International's (NYSE:CCI) fiber business for about $8 billion, Bloomberg reported on Thursday.
Crown’s shares rose as much as 2% in aftermarket trade, before curbing some gains.
A deal for the fiber unit could be announced within weeks, Bloomberg reported, although no final decision had been made, and another buyer could still emerge.
The report comes after Crown Castle launched a review of the fiber business in 2023, as part of an agreement with activist investor Elliott Investment Management to boost shareholder returns.
A sale will also allow Crown Castle to focus more on its core towers business, which covers about 40,000 towers through the U.S.
TPG has also consistently invested in media and telecom stocks, having bought AT&T Inc's (NYSE:T) remaining 70% stake in DirecTV in September for nearly $8 billion.