Etel, the central European telecoms firm headed by Dublin-based entrepreneur Mr Sean Melly, may buy troubled telecoms firm RSL Austria.
It is understood Etel is in negotiations with RSL and has made a bid of about €3 million (£2.4 million) to buy the firm. Etel would pay a further €3 million to cover RSL's accumulated debt, according to sources.
There has been speculation about RSL's operations in Europe since the parent company, RSL COM in the US, filed for chapter 11 in midMarch.
Sources said an acquisition may be opportunistic but it would offer the carrier a network that could link its south central Europe operations with its hub in Frankfurt.
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A deal may be announced as early as next week.
