A consortium of those always mysterious, increasingly ever present private equity firms is reportedly considering making a bid for Virgin Media. Reports say that Virgin's recent somewhat disappointing quarterly financial results, which are expected to be followed by even more disappointing results this quarter because of the much previously reported BSkyB spat, has made the mobile/cable TV/ISP/ phone company, created by the merger of NTL, Telewest and Virgin Mobile last year, of course, something of a takeover target. The Observer reports that a consortium of Providence Equity Partners, KKR, Blackstone and Cinven are now considering a bid to take control of the firm. Should Richard Branson, whose Virgin Group is the largest shareholder in the company, decide to sell out he could pocket £400 million, though sources say Branson is likely to want to keep a stake in the firm for the time being at least.
May 24, 2007
•
1 min read
Virgin Media a takeover target
The Observer reports a consortium of Providence Equity Partners, KKR, Blackstone and Cinven is considering a bid for Virgin Media.