A consortium of UK-based private equity companies has dropped out of the auction for Auna, the Spanish telecommunications company, after Apax Partners, the consortium's leader, decided not to proceed with a bid.

Apax had been part of a consortium planning a bid for the entire company, expected to be worth at least €12bn ($15.1bn). It has pulled out in the face of stiff competition from three other bidding groups, according to the Wall Street Journal.