LONDON – Providence Equity may be in talks to sell its British mobile phone retailer Phones4U, The Sunday Times reported this week.
Providence Equity bought Phones4U and its phone distribution arm, 20:20, from founder John Caudwell in 2006 for £1.5 billion (about $2.8 billion). Phones4U is currently worth between £700 million to £800 million, approximately $1.0 billion to $1.2 billion.
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The Sunday Times quoted an anonymous source close to the company as saying: “There have been several unsolicited approaches, and Providence is considering those. Discussions are at an early stage.” Electrical goods retailer Dixons has been slated as one of the possible suitors.
Mobile phone operators could be interested in upping their store presence and Phones4U’s 476 stores would be an attractive incentive, The Sunday Times reported.
