TDF’s vendors are reevaluating exit options after they received non-binding offers (NBOs) which fell short of their valuation expectations for the French telecoms infrastructure provider, three sources familiar told this news service.

If not bridged, the valuation mismatch could lead to a piecemeal sale or even put the whole process on ice, two sources said.

Bids came in at between EUR 7bn-EUR 8bn, but below the sellside’s expectations of a EUR 8bn valuation, one source said.

Parties which submitted NBOs for the Brookfield-backed asset include EQT and Macquarie, two sources said. CDPQ, Canada Pension Plan Investment Board (CPPIB) and French infrastructure fund Vauban also made an offer, one of them said.

American Tower Corporation (ATC) looked at the asset but eventually opted not to submit an offer, three sources said. The American infrastructure provider was advised by Bank of America before it eventually decided to drop from the process, two sources said.

It is unclear whether wireless infrastructure developer SBA Communications has submitted a bid, four sources said.

Meanwhile, Vauban has also submitted an indicative bid for TDF’s broadcast unit, according to two sources. Infravia also made an offer for the unit, one of the sources said.

Sellers Brookfield, APG and PSP, who are advised by UBS and BNP Paribas, could press ahead with the current auction by mid-December, or by early 2026, if one of the parties were to raise their bid, one source said.

The vendors, who have been pursuing an unstructured process since launch, are still committed to getting the process to the finish line, this source added.

TDF aims to post EUR 432m EBITDA this year, one source said. In 2024, it reported EUR 799.1m in revenues and EUR 428.4m EBITDA, as per an official press release.

Brookfield owns a 45% stake in TDF, while APG Groep and PSP Investments hold a combined 45% stake, which is managed by Arcus Infrastructure Partners. Crédit Agricole Assurance has the remaining 10% of the business.

Brookfield’s, as well as APG and PSP’s combined stake, are both up for sale, as previously reported.

TDF’s owners have twice previously attempted to exit the company. In addition to the 2022 sale effort, Brookfield and PSP mandated BNP and Morgan Stanley as sellside advisors in a process that was put on ice in 2019.

Brookfield, TDF, APG, PSP, UBS, Bank of America, CPPIB, Crédit Agricole Assurances, Arcus Infrastructure, Infravia and ATC declined to comment. BNP Paribas, Vauban, EQT, Macquarie, CDPQ and SBA did not reply to requests for comment.