In May, rumors spread that Vodafone (NYSE: VOD) and AT&T (NYSE: T) may be interested in buying a stake in Huawei Technologies’ handset division for up to $2 billion. The logic was that the move by AT&T and Vodafone was defensive—handset makers like Nokia (NYSE: NOK) were starting to get into the services business, so why not let the carriers get into the handset business? However, that doesn’t seem to be panning out with the more likely buyers being private equity firms. For now, the front runners are Silver Lake and Providence Equity Partners, Reuters reports. Sources say another possible buyer may be a consortium consisting of AEA Investors and General Atlantic. Huawei is likely looking for a U.S. partner to buy the majority stake because it’s been no secret that it’s wanted to expand here.