US private equity company KKR made a $1.7 billion play to acquire Australia-based Vocus Group, owner of the iPrimus internet and mobile phone brand.

Vocus Group is widely regarded as a takeover target after its value plummeted in the wake of a trio of acquisitions between 2014 and 2016 on which it spent around $2.7 billion. The telecoms company struggled to integrate the acquired businesses – woes which eventually led to the ousting of former CEO James Spenceley during 2016.

In a statement, the operator announced it appointed Credit Suisse and Goldman Sachs as its financial advisors and set up an independent board committee to review the proposal, which is subject to a number of conditions including due diligence to KKR’s satisfaction and a requirement Vocus’ EBITDA for the twelve months ending 30 June is in-line with guidance of $365 million to $375 million.

“The sum of the parts of the business is probably worth more than the share price was indicating… It is an opportunistic first bid that might drive out any other buyers. Most likely Vocus will come out and reject it,” Reuters quoted Danial Moradi, equity strategist at Lonsec Stockbroking, as saying.

KKR declined to comment.

Telstra dominates Australia’s telecoms and internet market, but smaller companies like Vocus want to be part of a government-led $30 billion broadband network designed to bring high-speed internet to all Australians by 2020.

Vocus owns several retail brands and has been expanding its physical assets, including the $650 million takeover of a company building a 4,600km undersea fibre cable between Singapore and Perth.