Private-equity firm Blackstone Group is looking to put its cellular-tower business, reportedly worth $1.5 billion, up for sale, according to people familiar with the situation.

Blackstone hired Morgan Stanley to advise it on the sale of Global Tower Partners, based in Boca Raton, Fla. The firm has reached out to a number of potential acquirers and is considering a sale or initial public offering. Blackstone and Global Tower couldn’t immediately be reached for comment.

The move comes shortly after the proposed acquisition of Global Signal Inc. by Crown Castle International Corp. for $5.8 billion, unveiled Friday. The cell tower industry, which consists of companies that own and manage a network of towers that pick up and carry cellular traffic, is undergoing consolidation similar to the wireless carriers it serves. Last year, American Tower Corp. acquired Spectrasite Inc. to become the largest player. In March, SBA Communications Corp. acquired AAT Communications Corp.

With more than 9,700 cellular sites and about 2,000 towers, Global Tower represents an attractive target for acquirers looking to increase their size and reach. With Crown Castle busy with a merger, American Tower or SBA could be interested in the assets.