Apax and Carlyle were previously said to be interested in the Basque-based company, but have failed to make a firm bid, according to Spanish newspaper Expansion.
Talks to buy the company were frozen earlier this month as the firms involved decided to wait for the results of October’s regional elections, which could impact on phone bills, networks, investment and taxes.
But Trilantic is now understood to have pushed ahead with an offer that could value the company at between €600m and €700m.
Kutxabank hired Citibank earlier this year to sell up to 49 per cent of the business to bolster its balance sheet.
Copyright © 2012 AltAssets