Brookfield Asset Management Inc. is in talks about teaming up with Cellnex Telecom SA on a bid for Deutsche Telekom AG’s towers unit, people with knowledge of the matter said. 

The Canadian investment firm is discussing a potential joint offer with Cellnex, the people said, asking not to be identified because the information is private. Any deal could value the towers business at about 20 billion euros (US$21.4 billion) including debt, according to the people. 

Cellnex, Europe’s biggest mast operator, already jointly owns towers with Deutsche Telekom in Switzerland and the Netherlands. Germany is the only major European market where Cellnex hasn’t been able to build a presence. 

Brookfield could also end up pursuing a solo bid, according to one of the people. Other private equity and infrastructure funds are studying offers for either a minority or controlling stake in Deutsche Telekom’s towers unit, the people said. 

Stonepeak and DigitalBridge Group Inc. are among investment firms that have been evaluating the business, the people said. Some of the funds may ultimately team up given the size of the potential transaction, the people said. 

Vodafone Group Plc’s listed infrastructure unit, Vantage Towers AG, has separately been considering whether to make an offer in the next round, the people said. Deutsche Telekom has asked for binding bids in the next few weeks, the people said.

Deliberations are ongoing, and the potential buyers haven’t made final decisions about whether to submit offers, the people said. Representatives for Brookfield, Cellnex, DigitalBridge, Stonepeak and Vantage declined to comment. A spokesperson for Deutsche Telekom didn’t immediately respond to a request for comment.