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.