Virgin Media Gets Second PE Suitor, Providence Back For New Bid

A consortium led by private equity group Providence is the second bidder for U.K. quad-play telephony, broadband and TV provider Virgin Media. Carlyle already has an offer on the table of reportedly between $33 and $35 per share, according to Providence last year led a group comprising Blackstone and KKR with a $34 per share offer that the company considered too low. Times reported those three partners were again swooping, with the addition of Cinven. More names could enter the bidding as Virgin Media has asked UBS and Goldman Sachs to start an auction of the company next month.