Virgin Media has appointed Goldman Sachs to seek out possible buyers after an approach from private equity company Carlyle Group. The search is said to be in its early stages, but if successful would be the UK’s second largest private equity takeover, after the sale of the high street chemist Boots. Investment house Providence is also said to be preparing its own bid.
The £4 billion (€5.49bn) capitalisation of Virgin Media has led city watchers to estimate a sale price in the region of £11.5 billion. However, it is thought that Sir Richard Branson is looking to hold onto his 10.5% stake in the cablenet.
Last year a consortium of Blackstone Group, Cinven, Kohlberg Kravis Roberts & Co and Providence Equity Partners made an approach to Virgin, but the bid was rejected for being too low.