KKR-Backed Group Leads Bidding for $20 Billion Deutsche Telekom Arm

A consortium backed by KKR & Co. is emerging as the frontrunner to buy a stake in Deutsche Telekom AG’s sprawling wireless tower portfolio, people with knowledge of the matter said.

KKR has made an offer in conjunction with Global Infrastructure Partners and Stonepeak, the people said. Their bid is seen as more attractive than a rival proposal from Brookfield Asset Management Inc. and Spain’s Cellnex Telecom SA, the people said, asking not to be identified because the information is private.