Virgin Media is to delay its August 8 auction to avoid the current turbulence being felt within the credit market. Private equity companies have been stung by the market situation that could reduce the potential $23 billion (£11.3 billion) for the purchase of UK cablenet.
Carlyle Group, the private equity company that sparked the auction, is among a dozen companies looking to acquire Virgin. However, TPG Capital has withdrawn from the process amid concerns over Virgin’s business model.
A new auction deadline is due to be announced early next week.