Home » ISPreview UK News Archives »
Debt Problems Delay Virgin Media Sale
By: MarkJ - 07 August, 2007 (11:29 AM)

Virgin Media has been forced to delay their review of strategic options and any related sale following increased turmoil in global stock markets.

The move was made following a recommendation from the groups financial advisors, which suggested waiting for the market to become more stable:

The company, in which Sir Richard Branson is the largest shareholder, has received a 5.2bn bid from private equity group Carlyle and earlier this month brought in US investment bank Goldman Sachs to weigh up its ownership options. John Malone's Liberty Global group is also thought to be interested.

The total value of the deal, including Virgin's debt of almost 6bn, would be about 11bn. If the bid succeeds it would be the second biggest buyout of a UK company by private equity after pharmacy chain Alliance Boots.

The Guardian notes that other companies have been forced into similar situations.

History - [News Archives]


Copyright © 1999 to Present - ISPreview.co.uk - All Rights Reserved (Terms, Privacy Policy, Links (.), Website Rules).