Virgin Media sets auction deadline
Virgin Media is asking buyout groups that have expressed an interest in the quad-play provider to submit offers by the first week of August. According to Reuters, the move will kick off an auction for the company, while The Independent said a deal could be closed by the end of September.
Carlyle Group has already made an offer for Virgin Media, valuing the company at $23m when long-term debt is included. Last week Virgin Media, which has appointed a second investment bank to advise on a possible sale, was reportedly set to receive a $22bn buyout offer from US private equity groups led by Providence.
According to reports, Providence has joined forces with KKR, Blackstone and Cinven. Sources told Reuters that several other suitors have expressed an interest, while press reports in the US said cable groups Comcast, Liberty Media, Time Warner and Viacom were all interested.
At the weekend the Financial Times said some bidders were looking to keep Sir Richard Branson as an investor in Virgin Media.
A sale to a private equity player is thought the most likely outcome of the auction, which is then expected to be followed by the disposal of Virgin Media's content production arm, Virgin Media Television (VMtv).
Regards Satdude. :thum:
Virgin Media is asking buyout groups that have expressed an interest in the quad-play provider to submit offers by the first week of August. According to Reuters, the move will kick off an auction for the company, while The Independent said a deal could be closed by the end of September.
Carlyle Group has already made an offer for Virgin Media, valuing the company at $23m when long-term debt is included. Last week Virgin Media, which has appointed a second investment bank to advise on a possible sale, was reportedly set to receive a $22bn buyout offer from US private equity groups led by Providence.
According to reports, Providence has joined forces with KKR, Blackstone and Cinven. Sources told Reuters that several other suitors have expressed an interest, while press reports in the US said cable groups Comcast, Liberty Media, Time Warner and Viacom were all interested.
At the weekend the Financial Times said some bidders were looking to keep Sir Richard Branson as an investor in Virgin Media.
A sale to a private equity player is thought the most likely outcome of the auction, which is then expected to be followed by the disposal of Virgin Media's content production arm, Virgin Media Television (VMtv).
Regards Satdude. :thum: