02:55 PM EDT, 05/17/2024 (MT Newswires) -- (Updates with additional information.)

Telefonica ( TEF ) and H.I.G. Capital are considering bids for Spain's Avatel Telecom in a deal that could be be valued at up to 700 million euros ($761 million), Bloomberg reported Friday, citing people with knowledge of the matter.

PAI Partners and Searchlight Capital Partners are also said to participate in the second-round bidding, according to the report. Spain's Inveready is considering joining one of the four bidders, one of the sources told Bloomberg.

Avatel, Telefonica ( TEF ), PAI, Searchlight, Inveready and H.I.G. did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 4.44, Change: +0.01, Percent Change: +0.25