Private equity firms Texas Pacific Group and Apax Partners have decided against a sale of Greek mobile company TIM Hellas, opting instead to refinance the business for a second time.

The refinancing, which will take the form of a €1.4bn ($1.9bn) debt issue, comes despite offers from at least three parties: United Arab Emirates-based telecommunications group Etisalat, US buyout firm Providence Equity Partners, and Turkish telecoms company Turkcell.