Cinven and Warburg Pincus, renowned private equity firms and co-investors in Ziggo, have launched a share sale to fully divest their shareholdings in the Dutch cable firm.
The two private equity firms would sell off each of their 27 million shares through an accelerated bookbuild offer. There is further 7.2 million shares available to be offered, as confirmed by Ziggo last Friday. The investors would exit Ziggo should all their shares be sold off.
The two buyout firms have been reducing their shareholdings in the company since it was listed in the Amsterdam stock exchange last year. Last month alone, the two buyout firms raised a total of Eur1 billion from the sale of 20% of shareholdings in the cable company, reducing their combined shareholdings to the current 17% available for sale.
Ziggo has a market reach of 2.9 million television customers and 1.8 million broadband subscribers. The company was formerly known as Multikabel back in 2005 until Warburg Pincus invested in the company to let it grow with the additional participation of Cinven.
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