According to the Wall Street Journal>, quoting people familiar with the matter, it would value the company at more than $15 billion.
It adds that they could submit a formal offer this spring, after completing due diligence, and may bring in another partner.
Stonepeak overseas over $31 billion of assets and EQT some $52.5 billion. Bloomberg reported last November that EQT had made an approach to KPN.
Meanwhile, Reuters reports that KPN has refused to comment on “rumours” in the WSJ.
It also says that KPN has a “poison pill” mechanism in place to thwart unwanted takeovers.
This was used by an independent panel to issue new shares to block a takeover attempt in 2013.