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UK - Carlyle targets Virgin Media

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Carlyle Group is reported to be leading a bid to take-private NASDAQ-listed Virgin Media. It is understood that Carlyle is working in association with Providence Equity, KKR and Cinven and could offer up to ТЃ4bn for the company. Any deal would have to consider Sir Richard Branson who holds a 10.5% stake in the company and has a 30-year branding agreement with Virgin Media.

Virgin Media was formed by the merger of NTL-Telewest and Virgin Mobile. It has struggled recently losing 47,000 customers and wrangling with BSkyB over the transmission of two channels. NTL-Telewest was the subject of buyout speculation last August when it was reported that Providence was tabling a £10.6bn bid for the group.
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