Virgin Media today formally hoisted the for-sale sign revealing that it is considering an £11.5 billion offer from Carlyle, the buy-out group.

The television and telecoms group confirmed in a statement that it has received an offer for its entire business.

The offer, it said, is contingent upon a period of exclusivity. Negotiations with the buyer have not yet kicked-off.

The cable group’s confirmation of an approach came as its shares, which are listed in the U.S. on Nasdaq, opened-up 15 per cent on hopes of a bidding war.

Apax is understood to have talked to Carlyle and is now monitoring the situation.

Providence Equity Partners, the telecoms and media specialist, is also known to have been looking at it.

The Times revealed on Saturday that Carlyle had approached Virgin - the UK’s first “quadruple player” provider of television, fixed-line telephone, broadband and mobile - with an offer understood to be at around $33.50.

Sir Richard Branson, the group’s biggest shareholder, with 10.5 per cent, is understood to be supportive of the approach. He is expected to roll over at least part of his stake into a new company if a deal succeeds.

City sources said the offer from Carlyle is pitched at around $33.50 per share - putting an equity value on the cable group of $11 billion (£5.5 billion). Virgin also has £6 billion of debt.

It is believed the offer was put to Jim Mooney, Virgin Media’s chairman, by Carlyle several weeks ago.

The cable group then instructed banks including Goldman Sachs, its traditional adviser, to kick-off an auction process and to unearth any interest from other players.

In its statement Virgin said the Carlyle offer “is subject to various conditions including a due diligance examination and a period of exclusivity.

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