ProvEquity part of group looking to buy Virgin Media

PROVIDENCE – Providence Equity Partners Inc. is part of an investors’ group that is “actively considering” a takeover bid for U.K. telecommunications company Virgin Media Inc. (Nasdaq: VMED), The Observer reports.
The group, which also includes Blackstone Group LP, Kohlberg Kravis Roberts & Co. and Cinven Ltd., is being advised by Merrill Lynch & Co, Morgan Stanley and Perella Weinberg Partners, Bloomberg News said.
The private equity firms may offer $6 billion to $7.5 billion for Virgin Media, if they can obtain the necessary funding, according to private documents reportedly seen by the British weekly. But they also would have to assume Virgin Media’s debt, estimated at $11 billion.
Virgin Media’s shares – currently trading at $14.79 per share, down from a 52-week high of $30 – have lost 43.5 percent over the past year, Bloomberg figures show. Entrepreneur and adventurer Richard Bransom’s Virgin group holds a 10.5-percent stake in the cable television, telephone and broadband Internet company.
Providence Equity Partners Inc. is a global private investment firm based in Providence, with offices in New York City, London, Hong Kong and New Delhi, that specializes in media, entertainment, communications and information companies. It has raised $21 billion through seven funds since its founding in 1989. Additional information is available at www.provequity.com.

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