Satdude
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Providence eyeing Virgin Media again
Virgin Media has been approached by US private equity group Providence about a renewed takeover bid for the cable group.
Reports suggest the group is currently preparing an information memorandum for the company. The information memorandum is a document detailing a project and its financing, often associated with a syndication.
Last year, Providence led a group including Blackstone and KKR, which approached the cable company with an offer of about $34 a share.
Another private equity firm Carlyle made an approach for the cable group earlier this month, which valued Virgin Media at about $23 billion including debt.
First-round offers are expected next month, with the second round in August.
Virgin Media recently hired UBS to search for trade buyers, but companies such as Comcast and Liberty Global are thought by analysts to be wary of buying a company facing growing competition.
Regards Satdude.
Virgin Media has been approached by US private equity group Providence about a renewed takeover bid for the cable group.
Reports suggest the group is currently preparing an information memorandum for the company. The information memorandum is a document detailing a project and its financing, often associated with a syndication.
Last year, Providence led a group including Blackstone and KKR, which approached the cable company with an offer of about $34 a share.
Another private equity firm Carlyle made an approach for the cable group earlier this month, which valued Virgin Media at about $23 billion including debt.
First-round offers are expected next month, with the second round in August.
Virgin Media recently hired UBS to search for trade buyers, but companies such as Comcast and Liberty Global are thought by analysts to be wary of buying a company facing growing competition.
Regards Satdude.