Arqiva Ltd.'s owners are preparing the sale of the U.K.-based towers operator, valued at up to £6 billion, London's The Daily Telegraph reported Jan. 31, citing sources.

The move could reportedly mean that a public flotation for Arqiva has been abandoned, given issues with the company's £3 billion debt.

A consortium led by Australian investment bank Macquarie and the Canada Pension Plan Investment Board tapped Rothschild for the auction, with invitations sent to potential bidders.

The sale is expected to draw interest from other mast operators such as Spain's Cellnex Telecom, which purchased 230 towers from Bouygues Telecom and has recently debuted in Britain by buying towers company Shere Group. Consortiums of foreign infrastructure investors, which may include Chinese funds, could also take interest in Arqiva, according to the report.

Arqiva earlier sold its Wi-Fi business to Liberty Global plc unit Virgin Media Inc. in September 2016.