Carlyle Group Covets Virgin Media

Press Release - July 3, 2007

British cable operator, Virgin Media, has received a buyout offer from the Carlyle Group private equity firm, according to sources quoted by Reuters.

Virgin’s NASDAQ-listed shares surged almost 20% after the company revealed that it had received a bid, and was conducting a review of its strategic options. The company has not yet engaged in negotiations, however, and will not cooperate with the buyer if terms of the potential deal are publicly disclosed.

“The proposal is based on public information and is subject to various conditions, including a due diligence examination and a period of exclusivity,” Virgin Media said in a statement.

Virgin Media offers cable TV, digital phone, broadband, and cell phone services in the UK market. It was formed earlier this year when cable giants, NTL and Telewest, merged with wireless carrier, Virgin Mobile.