The owners of Poland’s mobile phone operator Play have called off the auction to sell the business after private equity offers failed to meet expectations, two sources familiar with the matter said on Thursday.
Greek fund Tollerton and its Icelandic counterpart Novator, which own the business, received non binding bids from a handful of private equity firms last week, the sources said.
The offers, which valued Poland’s third largest mobile operator at roughly $3 billion, failed to meet expectations.
Tollerton, controlled by Greek businessman Panos Germanos, owns 50.3 percent of Play, with the rest in the hands of Novator, controlled by Icelandic businessman Thor Bjorgolfsson.
Play and the two funds were not immediately available for comment.