The US private equity firm Carlyle has reportedly made a £11.5 billion bid for Virgin Media.
It is understood that Carlyle has made a preliminary offer of around £16.50 a share for the company.
According to reports in the New York Times and Washington Post, the Virgin board has instructed Goldman Sachs, to review its ownership options. Sir Richard Branson’s Virgin Group is believed to be keen on a sale to private equity.
Carlyle will have to negotiate with Sir Richard Branson, Virgin Media’s largest shareholder with a 10.5% stake. Branson reportedly wants to retain a stake in Virgin Media.
Virgin Media is currently embroiled in a dispute with Sky over the carriage of the satellite broadcaster’s basic channels.
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