The Carlyle Group has postponed the sale of portfolio company Insight Communications because of current credit market conditions, people familiar with the matter told The Wall Street Journal.
Bids in the “less than $3 billion” range fell short of the private equity firm’s expectations by roughly $200 million, a banker told the newspaper.
Carlyle reportedly hopes to command a higher price for the cable TV provider once the cost of debt retreats.
Carlyle took Insight private two years ago in a $710 million deal that was led by the company’s co-founders, Sidney Knafel and Michael Willner. Insight is the ninth largest cable operator in the US with more than 1.3 million subscribers in Indiana, Illinois, Kentucky and Ohio.