Private equity consortium considering Virgin Media bid

10 Mar 2008

A consortium led by investment firm Blackstone Group is considering a takeover bid for Virgin Media, reports UK newspaper The Observer. The consortium, which includes private equity firms Cinven, Kohlberg Kravis Roberts, and Providence Equity, is reportedly prepared to offer between USD6 billion to USD7.5 billion for the UK’s largest cableco, in which Richard Branson’s Virgin Group holds a 10.5% stake. Though Virgin Media is listed in the US, it operates solely in the UK where, according to Telegeography’s GlobalComms database, it reported USD8.1 billion in revenue for the twelve months ended 31 December 2007. At the same date it had 3.47 million cable TV customers and 3.7 million broadband subscribers

United Kingdom, Virgin Media