A total of five private equity firms in two consortia are still in the bidding for Cesky Telekom, the Czech phone operator, on the eve of a shortlist decision from a Czech steering committee responsible for the privatisation process.

Two private equity-backed bids are understood to be on the table. Warburg Pincus, the US private equity group, has joined forces with UK players Doughty Hanson and Apax Partners. Lining up against them is a joint bid by CVC Capital Partners and Spectrum Equity Partners.