Private equity bids are set to dominate the second round of an auction for the masts division of cable company NTL. All bids are due to be submitted today.

The auction is expected to raise around a £1bn, forcing most of the private equity bidders to work in tandem with rivals. One private equity manager involved in the auction said most of the bids ranged between £1bn (€1.4bn) and £1.1bn.