Virgin Media, which last week appointed a second investment bank to advise on a possible sale, is reportedly set to receive a $22bn buyout offer from US private equity groups led by Providence.
According to The Times, Providence has joined forces with KKR, Blackstone and Cinven.
Virgin Media is understood to have already received an approach from private equity firm Carlyle, valuing the company at $23bn.
The Times said Virgin Media had imposed a deadline for interested parties some time in August. Sir Richard Branson, the largest shareholder in Virgin Media, is said to favour a sale to a private equity player. But it is not clear whether Branson will sell his 10.5% stake, or seek to increase it.
Lovelace Consulting | 16.07.2007