Saudi Telecom Company (stc) emerged as the top bidder for Altice’s Portugal unit, as a consortium led by Warburg Pincus indicated it won’t increase its offer, Bloomberg reported.

Citing anonymous sources, the news outlet also reported talks with Iliad cooled off recently, with Altice requesting Xavier Niel’s company and Warburg Pincus revise their proposals.

Altice owner Patrick Drahi is looking to sell the asset in Portugal to reduce a debt load that stands at around €60 billion due to years of acquisitions. Bloomberg noted Drahi is hoping to sell Altice Portugal for around €10 billion, but bidders are yet to meet that expectation.

Sources noted the high price tag could make it difficult for Drahi to close a deal, while there is no certainty the current negotiations will lead to a transaction.

A deal would bolster stc’s presence in Europe, adding to a 9.9 per cent stake in Telefonica and a €1.2 billion acquisition of tower assets in Bulgaria, Croatia and Slovenia.

Altice Portugal operates fixed-line, mobile and pay-TV services, and jointly owns a fibre network with Morgan Stanley’s infrastructure business.

Warburg Pincus offered more than €6 billion for Altice Portugal late last year.