Private equity firm BC Partners has made another approach to buy Phones 4u with a bid of around £700 million, according to a report in yesterday’s Sunday Times (20 February).
BC Partners was one of a number of firms that approached Phones 4u’s American owners Providence Equity Partners with offers last year. It is understood that BC Partners has now approached Providence again with an improved bid.
BC Partners had submitted the only binding bid for the business, after other potential buyers dropped out. Providence was looking for £700m to £800m for a sale, according to earlier reports, but BC is thought to have originally bid between £655m and £680m for the retailer.
As a result, Providence called off the sales talks before Christmas as the two sides could not come to an agreement over the price.
It is thought other potential buyers had previously included rival private equity firms such as Blackstone, Currys owner DSG, Vodafone and Everything Everywhere.