Tech
Equity groups 'to launch bid' for Virgin Media
Published Monday, Mar 10 2008, 10:28 GMT | By James Welsh
Four private equity firms are considering launching a multibillion dollar takeover bid for Virgin Media.
According to The Observer, Blackstone, Cinven, KKR and Providence Equity are preparing to offer between $6bn and $7.5bn for the US-listed cable operator in a plan known as "Project Coaxial".
Last summer, Virgin Media appointed Goldman Sachs to consider a range of offers, including a $10bn bid from Carlyle, that were subsequently dropped due to tightening credit conditions.
According to The Observer, Blackstone, Cinven, KKR and Providence Equity are preparing to offer between $6bn and $7.5bn for the US-listed cable operator in a plan known as "Project Coaxial".
Last summer, Virgin Media appointed Goldman Sachs to consider a range of offers, including a $10bn bid from Carlyle, that were subsequently dropped due to tightening credit conditions.
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