Private equity firms Apax Partners and Bain Capital made a joint bid to buy PT Portugal from its Brazilian owner, the telecommunication firm Oi, a move that could spark a bidding battle over the Portuguese telecom assets with rival suitor Altice.

The offer made by the private equity firms value the assets at an enterprise value of €7.07 billion ($8.8 billion) on a cash and debt-free basis, Oi said on Wednesday.