A clutch of private equity firms have made it through to the second stage of an auction for Finnish mobile phone company DNA, it is understood.
Apax Partners, Bain Capital, BC Partners, EQT and Providence Equity Partners are all still involved in the process according to Reuters, which quoted banking sources.
They added that Nordic Capital and Cinven had been close to a deal, but were no longer involved in the bidding.
Reuters added that UBS had put together a staple debt financing package of just under €1bn for any potential buyer, equivalent to just over times the company’s 2012 EBITDA of €191m.
DNA is currently owned by former Finnish local phone networks including Finda Group, which owns almost 33 per cent.
The company is also believed to be considering an IPO on the Helsinki stock exchange.
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