Cablevision Systems (NYSE: CVC) and Charter Communications (Nasdaq: CHTR) are expected to be part of a series of first-round bids to acquire Insight Communications, the nation's ninth largest MSO, from the Carlyle Group.
The process, which has been shrouded in secrecy, reportedly is being run by Bank of America Merrill Lynch and UBS AG who, again reportedly, sent "pitch books" to potential buyers in March. While Time Warner Cable (NYSE: TWC) and Suddenlink don't seem interested in bidding, a number of capital investment firms including the Blackstone Group, BC Partners, CVC Capital Partners, Hellman & Friedman and KKR are expected to bid.
Carlyle bought Insight and its 750,000 customers in Illinois, Indiana, Kentucky and Ohio for $2.1 billion in 2005 and, sources say, hopes to make $3.5 billion to $4 billion from a sale.
- Reuters has this story
Insight Communications said to be on the auction block for $4B