Outsourcing firm Amey has tabled an indicative offer to buy Telent, a major provider of digital services to National Highways, it has emerged.
Sky News has reported that the deal could be worth more than £300m, with another round of bids due later this month.
Amey was previously owned by Ferrovial, the Spanish infrastructure giant, but ran into difficulties before being sold just over two years ago. It is now part-owned by Buckthorn Partners, where former chancellor of the exchequer Lord Hammond is a partner.
Amey announced that it recently completed a refinancing backed by lenders including Apollo Global Management, HSBC and JP Morgan.
Andrew Nelson, CFO of Amey UK Limited, commented: 'We are delighted to have completed our refinancing with support from a group of market leading financing providers. Amey maintains a capital structure with low long-term leverage, as deemed appropriate for working with government customers.'
Brian Lindley, CEO of Buckthorn Partners LLP, said: 'This is an excellent refinancing for Amey, representing the completion of the carve-out process. The has been provided by a high-quality lender syndicate, whose support is appreciated by Amey management, Buckthorn Partners, One Equity Partners and our LPs.'
It is understood to be competing against at least one other trade bidder and one financial bidder for Telent.
Telent has been appointed by National Highways to operate and maintain its Corporate Wide Area Network (WAN), enabling collaboration and digital security across the company’s facilities.
As well as providing the WiFi infrastructure for all National Highways staff, the Corporate Network Service connects and supports crucial operational systems across over 130 National Highways sites, including regional operations centres, satellite offices, and depots.