(Bloomberg) -- EQT AB is in talks to acquire Radius Global Infrastructure Inc., which leases cell sites to wireless-tower companies and mobile-network operators, according to people with knowledge of the matter. 

Radius’ shares rose as much as 24% on the news.

The Stockholm-based investment firm is speaking to banks about financing, said the people, who requested anonymity discussing private information. No deal has been reached and talks could still collapse, the people said. 

Radius shares rose 20% to $12.09 at 11:44 a.m. in New York trading Wednesday, giving the company a market value of about $1.3 billion. 

The company, led by Chief Executive Officer Bill Berkman, has been exploring strategic options including a sale since at least May, Bloomberg News reported. 

Representatives for EQT and Radius declined to comment.

A deal for Radius would add to EQT’s digital-infrastructure portfolio, which includes Zayo, GlobalConnect and EdgeConneX. This month, the firm emerged as a front-runner to acquire a stake in French telecom tower owner TDF.

Read more: EQT Looks to Digital for Next $20 Billion Buy

(Updates with stock move starting in the third paragraph)

©2022 Bloomberg L.P.