Providence-Led Consortium Ogles Virgin

17 July 2007

LONDON: A private equity consortium led by Providence Equity Partners of the USA is reportedly eyeing a bid for debt-burdened Virgin Media Group - yet to emerge from the red after several years in different incarnations.

The latest overture (in the form of an information memorandum) is said to be on its way to Virgin following a flurry of interest from other private equity firms [WARC News: 03-Jul-07].

Already on Virgin's table is a proposal from Carlyle Group offering upward of $32 (€23.21; £15.73) per share, valuing the cable group at around $23 billion including debt.

Meantime, the company continues to lose ground to Rupert Murdoch's BSkyB.

Data sourced from Financial Times; additional content by WARC staff