Zayo Group has reportedly edged ahead in the race to acquire Crown Castle's fiber assets.

A report by Reuters this week noted that EQT-backed Zayo has outbid TPG in a deal estimated to be worth $8 billion.

The report comes weeks after Bloomberg reported TPG was in advanced talks with Crown Castle over the assets.

Sources told Reuters that Zayo has now emerged as the front-runner. DCD has contacted Zayo and Crown Castle for comment.

US tower operator Crown Castle has been looking to sell its fiber assets for some time, notably revealing in April that it had held talks with multiple parties over a sale.

A sale would include the tower operator's small cells and fiber businesses.

The company launched a review of its fiber business in 2023 as part of an agreement with activist investor Elliott Investment Management.

TPG and Zayo Group were both reported to be leading the race to buy the assets in October.

Crown Castle, which owns and operates more than 40,000 telecom towers across the US, wants to sell the assets to expand its tower footprint.

In September, the company hinted that it may look to enter international markets again.

A month later, Crown Castle confirmed it had canceled plans to build around 7,000 small cells, noting it mutually agreed to cancel the builds due to the lengthy permit times and high costs. CEO Steven Moskowitz said the move will help the company save $800 million in future capital spend.