Private equity pair may do battle for Virgin Media

17 Jul 2007

Virgin Media is reported to have been approached by Providence, the private equity group, about reviving its interest in taking over the cable group. An information memorandum is being prepared for Virgin Media, which received an offer proposal this month from rival private equity group Carlyle Group, for at least USD32 per share, valuing the cable group at about USD23 billion including debt.

Providence is understood to be part of a consortium of private equity firms considering a counter-offer. Last year, it led a group including Blackstone and KKR, which approached the cable company with an offer of about USD34 a share. First-round offers are expected next month, with the second round in August.

United Kingdom, Virgin Media