Cinven and Pincus to reduce Ziggo stake

Investment companies Cinven Cable Investments and WP Holdings (Warburg Pincus) have further reduced their respective stakes in Dutch cable operator Ziggo.

Cinven, Warburg Pincus and their co-investors have successfully placed 37 million ordinary shares of Ziggo at a price of €24.75 per share, resulting in gross cash proceeds of €915.75 million.

In addition, there is an over-allotment option for up to an additional three million shares.

After the completion of the transaction, assuming no exercise of the over-allotment option, Cinven, Warburg Pincus and their co-investors will own a combined 77.2 million shares in Ziggo, representing approximately 38.6% of the capital.

The parties have agreed not to dispose of any further Ziggo shares for 90 days following the completion of the transaction, subject to the customary exceptions.