Communications software company Avaya Holdings Corp. is preparing to run a sale process for the company following unsolicited interest from potential buyers, Bloomberg News reported. Santa Clara, Calif.-based Avaya is working with an investment bank to run an auction after receiving inquiries from private equity and other firms. Potential bidders are understood to include private equity firms Apollo Global Management LLC, Permira Holdings and Searchlight Capital Partners. Bids are expected at the end of April and the firms may look to make joint offers. Avaya, which also provides desktop equipment and services, exited bankruptcy protection in December 2017 and began trading publicly, almost a year after being placed in chapter 11 by its private equity owners TPG and Silver Lake. The two private equity firms had taken the company private in 2007 in a deal valued at more than $8 billion.
