Kohlberg Kravis Roberts and Providence have teamed up to make a joint bid for troubled US cable firm Adelphia, according to the Financial Times. Adelphia offers analogue and digital video services, high-speed internet access and other services over its broadband networks.
According to its creditors Adelphia should be sold for at least $17.5bn, making this transaction the largest leveraged buy-out deal for 16 years.
KKR and Providence are expected to face competition from media and entertainment company Time Warner and broadband cable networks company Comcast who are also expected to submit a joint bid.
Copyright © 2005 AltAssets