Energis set for £90m rescue

Fools and their money...?

A consortium of three venture capital groups looks set to bid £90m for ailing UK telco Energis. The three companies are Apax Partners, Carlyle and Permira (formerly Schroder Ventures), and had originally been fighting each other for ultimate control of Energis. But they've now agreed to work together on a deal which will see them take on over £650m of the telco's debts. They will put up only a limited amount of new capital. While the three VC outfits are now co-operating, it is understood that they are yet to agree on a new CEO for Energis, according to The Observer. Despite this, a formal bid is expected later this week.