The business, which is owned by Spain’s ACS, could fetch as much as A$870m ($910m) according to Reuters.
It said ACS was attempting to sell off the asset as well as smaller data businesses Metronode and Infoplex in order to pay down debt.
Australian telecommunications firm TPG Telecom is also a likely bidder for the asset, it added.
A group of private equity funds are believed to be clubbing together to make a preliminary bid for the company, as has satellite group DirecTV and Mexican telecoms giant America Movil, Reuters reported.
It said US cable group Liberty Global had also submitted a bid, adding Vivendi considered two of the offers as serious.
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