Carlyle Group Eyes Virgin Media

LONDON, July 2: Virgin Media has confirmed that it has
received a buyout offer, with the private equity firm the Carlyle Group
reportedly having made a $20-billion bid for the British quad-play operator.

Virgin Media, formed from the mergers of NTL, Telewest and
Virgin Mobile, said in a statement that it had received an offer for 100 percent
of the company’s common stock, though it did not name the bidder. It also
stated that it was not currently in negotiations with the bidding company.
Virgin Media had, prior to receiving the offer, engaged Goldman Sachs to review
its alternatives, including a possible sale. The proposal received, said to be
from the Carlyle Group, “will be considered as part of the review. However,
there is no assurance that any transaction will occur or, if so, at what price.
The company does not intend to comment further on the process unless and until
a definitive agreement is executed or the process is abandoned.”

British press reports indicate in addition to the Carlyle
Group, other private-equity firms are circling Virgin Media, including a group
led by Providence Equity Partners.