Phones4U 'lined up for £700m sale'
Private equity firm BC Partners is thought to be preparing for discussions about the takeover of Staffordshire-based telecoms giant Phones4U. According to reports, the firm is willing to pay £700m for the retail chain.
Phones4U is currently owned by US-based form Providence Equity Partners. Providence began talks with several firms in 2009 regarding the sale of Phones4U, which were later abandoned as bidders did not meet the asking price thought to be between £600m and £700m.
BC Partners was thought to be one of the forerunners in the bidding war at the time.
Last year, a source told the Financial Times that BC Partners had prepared more than £400m of debt to buy Phones 4U.
The Sunday Times has said a sale to BC Partners could happen within weeks.
Phones 4U generated revenues of £649.8m in 2009.
Phones4U has so far not commented on the speculation.
