Finland’s third-largest operator DNA has received takeover bids from a number of private equity firms, according to Reuters.

Apax, Bain Capital, EQT and Providence all submitted bids by Monday (8 July) for DNA, which could be worth €1.3 billion ($1.7 billion). The winner will be chosen in the “coming weeks”.

However, DNA did not attract interest from any mobile operators. The assessment of bids appears to be on financial grounds.

Investment bank UBS has created a debt package for the potential buyers to reassure them that funds are available for just under €1 billion.

The identity of the winning private equity bid will be decided by whether the package contains solely high-yield bonds or a mix of leveraged loans and subordinated debt, said bankers.

Previously, it was reported that an initial public offering was also an option for DNA.  A listing for up to half its shares on the Helsinki exchange is still mentioned as a possibility.

DNA is owned by a group of Finnish mobile operators led by Finda. It has 2.47 million subscribers, which is equivalent to a 25 per cent market share in Finland (GSMA Intelligence, Q2 2013 figures).