UK quad play provider, Virgin Media, said Tuesday that it has indefinitely extended the process which may result in the firm being sold off.

Virgin revealed last month that it had received an acquisition proposal and that it would consider the offer as a part of its review of strategic alternatives.

The unnamed party has confirmed its interest in the transaction and as a result, Virgin’s financial advisors have recommended an extension of the process so proposals can be completed “in a more stable debt market environment”.

Private equity firm Carlyle Group is rumoured to be the interested party, although a number of other players are also thought to be circling.