TPG is in advanced talks to buy Crown Castle's fiber assets in a deal worth an estimated $8 billion.

As reported by Bloomberg, a deal could be announced within weeks.

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.

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

TPG and Zayo Group were reported to be front-runners for the assets in October.

DCD contacted Crown Castle but the company declined to comment.

Crown Castle has a market value of around $52bn, which it has grown through its fiber expansion since 2015.

However, the cost of building fiber infrastructure has seen the company look to shift its fiber assets to instead focus on its core tower business.

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.

As for TPG, the firm acquired AT&T's remaining 70 percent stake in DirecTV for $7.6bn earlier this year.

In September, the company also filed to remove data center company Quantum Loophole from its role as manager of a $5bn campus planned near Frederick, Maryland.