Books are out in the auction for Cincinnati Bell Technology Solutions Inc., according to two sources, and followers of the process have varying views on just how much the Cincinnati Bell Inc. unit could garner in a potential sale.

One person said bids could fall between the high-single digits and low double digits of the target’s $90 million in Ebitda. The source cited the increase in interest rates and lower margins for the consulting business.

A second source, meanwhile, said CBTS could fetch a valuation in the mid-teens because of strong PE interest.

Macquarie Infrastructure Partners-backed Cincinnati Bell hired Guggenheim Partners LLC for the process, The Deal reported in March, looking for a sale multiple of 12 to 15 times Ebitda.

Cincinnati Bell Technology Solutions provides a range of services, from managed cloud services and communications to IT consulting.

One question is how much of the company’s management would go with CBTS in a sale. If management stays with Cincinnati Bell, one person suggested, it could favor a private equity portfolio company with its own executive leadership.

Potential suitors include Chicago-based enterprise cloud infrastructure company Ahead Inc., which Centerbridge Partners LP and Berkshire Partners LLC acquired in 2020. Guggenheim advised Ahead and former backer Court Square on the sale.

Another is New York IT services company Presidio Inc., which BC Partners LLP bought from Apollo Global Management Inc. (APO) for $2.1 billion in 2019.

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