Providence Eyes Virgin Media

LONDON, July 16: Private equity firm Providence is said to
be gearing up to make a bid for British quad-play provider Virgin Media, which
announced earlier this month that it was exploring strategic alternatives for
the company, including a possible sale.

At the time of that announcement, Virgin Media also revealed
that it had already received a buyout offer. Press speculation at the time
indicated that the bid had been received by private equity firm Carlyle Group.
The company had allegedly offered $20 billion for Virgin Media.

This is not Providence’s first stab at taking control of
Virgin Media—last year, it led a consortium of investors, including
Blackstone and KKR, in a bid to acquire the company.