Indosat Ooredoo Hutchison’s fiber business has drawn interest from four strategic and financial investors in the second round, four sources familiar said.

US-based I Squared Capital and Australia’s Macquarie Asset Management (MAM) have submitted binding bids to acquire a majority stake in the business, said the sources.

The strategic players – Indonesian tower operator Profesional Telekomunikasi Indonesia (Protelindo) and digital infrastructure firm Solusi Sinergi Digital (Surge) – have also placed offers, the sources said.

Jefferies is advising Surge, three of the sources said. BofA Securities and Morgan Stanley are advising I Squared while Macquarie Capital is advising MAM. Redpeak is advising Protelindo.

The second round bids were collected this week, one of the sources said.

Indosat extended the deadline to accept binding bids to mid-April so it could distribute information on a new financial model to prospective bidders following Indosat’s request to lower its fibre lease rate after the transaction was launched.

The company is offering about 75% in the fibre unit, which is marketed off roughly USD 100m of earnings before interest, taxation, depreciation and amortisation. Citi is the sell-side advisor.

I Squared, Jefferies and Macquarie declined to comment. Indosat, Protelindo and Surge did not respond to requests for comment.