Two private equity companies are reportedly looking to acquire the largest operator in Bulgaria, Vivacom, in a deal which could fetch more than €1 billion.

Financial Times reported indicative bids were submitted by United Group (which is majority owned by UK-based BC Partners) and Providence Equity Partners and both companies are now conducting due diligence.

One of the operator’s top shareholders, Bulgarian businessman Spas Roussev, said in July that Vivacom was up for sale.

FT sources said United Group offered €1.1 billion, while Providence made a €1.05 billion bid to acquire the operator, which is valued at around €1.2 billion.

Bulgarian media outlet Capital added that Vivacom has attracted interest from around 10 financial investors, though the operator has received just three initial offers, one of which that did not meet the bidding requirements.

It was also stated the two potential buyers United Group and Providence could place binding offers by the middle of October.

The Bulgarian operator was bought by a consortium led by Roussev in 2015 for approximately €730 million.