BNP Paribas has emerged alongside Rothschild as adviser to French buyout firm PAI Partners for its estimated near-€2bn ($2.6bn) sale of Saur, its local waste services company.

One deal source told Private Equity News, a sister paper to Financial News, the deal was likely to go to an infrastructure investor, such as Australian bank Macquarie or Spain's Fomento de Construcciones y Contrata, as the expected sale price meant returns would be in the low teens.