Banks are seeking to convince Apax Partners to allow them to work on the financing package to help the buyout of Danish facility services company ISS, ditching their wider caution about private equity to gain a role on the largest buyout since 2007.

The banks are looking to trump a pre-arranged debt package put together by ISS' advisers Morgan Stanley and Goldman Sachs, with roughly €2bn to €2.5bn in high yield bonds and €1.5bn to €1.75bn in leveraged loans, according to two people familiar with the process.