Deutsche Telekom reportedly started a process to sell its T-Mobile Netherlands subsidiary in a deal which could value the business at €4.5 billion, with as many as five companies tipped to have shown preliminary interest in bidding.

Bloomberg cited sources claiming while talks were at an early stage, Deutsche Telekom had asked for first-round offers this month.

Rumoured potential applicants include investment companies Apax Partners, Apollo Global Management, BC Partners, Providence Equity and Warburg Pincus.

The operator was previously considering the sale of T-Mobile Netherlands in 2015 when interest was expressed from Liberty Global, but the pair failed to reach a deal.

While Deutsche Telekom seemed to have stepped back from the idea to sell its Dutch unit and focus on its growth instead by merging with Tele2’s local division in 2017, rumours about a sale of the entity resurfaced at the start of the year.