TPG Approaches Virgin Media

Texas Pacific Group is thought to be interested in bidding for UK cable and pay-TV operator Virgin Media.

Press reports suggest that TPG has contacted Virgin Media's adviser, Goldman Sachs, about its involvement in an expected US$23bn auction.

Several other private equity houses are said to be interested in the target, and many are hoping for an extension to the mid-August deadline for bids as they put together funding packages.

Carlyle has already made a bid approach of some US$23bn. Meanwhile, Providence Equity Partners is thought to have teamed up with fellow houses Blackstone and Cinven. KKR is believed to have hired advisers to help with a possible offer, while trade buyers are also expected to show interest.