Carlyle/Virgin: Virgin rebirth

Private equity looks to have its best chance yet of cracking Virgin Media. LBO firms have been courting the UK cable group, formerly known as NTL, for years but never agreed a deal. Virgin may find the latest £11.5bn approach from Carlyle, with Providence reported to be waiting in the wings, more difficult to resist. Virgin looks in worse shape than when private equity came knocking last summer. The credibility of its managers has taken a knock from their failed bid for ITV last year. And it’s i...