Service Stream (ASX:SSM) is emerging as the frontrunner to acquire Programmed, offering a higher price than rival bidders to acquire the Australian company, The Australian reported Wednesday, citing unnamed sources.

Programmed has an asking price of AU$1 billion, the report said, adding that Service Stream may seek to raise between AU$500 million and AU$600 million to help fund the deal.

Pacific Equity Partners, Carlyle Group, Soul Patts (ASX:SOL), and EQT are also understood to be competing for the business, the report added.

Service Stream, Pacific Equity Partners, Carlyle Group, Soul Patts, and EQT did not immediately respond to requests for comment from MT Newswires.

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