KKR and its partner Global Infrastructure Partners look to be in the stronger position.
Vantage Towers, which was spun out of Vodafone and is still about 82% owned by the operator group is reportedly looking to seal the deal before reporting its earning on 15 November.
According to Bloomberg, infrastructure investment fund KKR in partnership with Global Infrastructure Partners is thought to be in pole position, but Cellnex wants a majority holding in Vantage, to gain operational control, and has partnered Singapore sovereign wealth fund GIC.
Previous reports suggested Cellnex might team up with American Tower Corporation.
It is thought that Vodafone is looking to sell up to 50% of Vantage which is valued at about €14 billion currently.