Australia’s largest equipment rental company Coates Hire last week opened its data room for prospective buyers to conduct due diligence. Suitors are believed to include private equity firms Archer Capital, Nikko Principal Investments and The Carlyle Group.

According to Australian press reports, offers are expected between AU $1.5 billion and AU $1.6 billion (between U.S. $1.31 billion and $1.4 billion).

However, Coates Hire, in the midst of conducting its own strategic review process, has not said it would sell the company.

Sources close to the situation believe that if Coates is sold, the buyer would possibly sell Coates’ earthmoving equipment rental division, Allied Equipment, which represents about 10 percent of Coates’ overall revenue, which comes from a wide range of general rental equipment up through aerial equipment and cranes.