The Goldman question

17 May 2006 By Rob Cox Follow @rob1cox

The broadcaster s $12bn auction is one of Wall Street s hottest deals, attracting all the top LBO firms and advisors, plus Bill Gates. This puts Goldman in a pickle. It runs the risk of angering private equity and corporate clients by competing against them as a principal.

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Goldman Sachs' privateequity arm has pulled out of a group forming a bid for US broadcaster Univision, according to Reuters. Goldman's buyout unit was linked to a potential joint bid with TH Lee and Texas Pacific Group. These two are now teaming up with Providence and Madison Dearborn.

The group would face a rival bid from a consortium including Mexican broadcaster Televisa, which already owns 11% of Univision. US regulations forbid foreigners owning more than 25% of a US media firm, so Televisa has teamed up with five privateequity firms: Bill Gates' Cascade Investments, Bain Capital, Blackstone, the Carlyle Group and KKR.

UBS is advising Univision. Allen & Co is advising Televisa. The closing date for submitting bids is June 8th.

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