Ziggo shareholders Cinven and Warburg Pincus have successfully placed 35 million shares of Ziggo at EUR 25.75 per share. The shares were sold at a discount to the company's closing share price the day before the announcement, in an accelerated book-building process.
After the sale of the 17 percent stake, Cinven, Warburg Pincus and their co-investors cease to own any interest in the Dutch cable operator. The two private equity firms created Ziggo five years ago through the merger of three smaller cable operators. Cinven said in a statement that it has made 2.8 times its initial investment in Ziggo.
Liberty Global is now the largest shareholder in the company, after acquiring a 12.65 percent stake in Ziggo in an earlier divestment by the private equity firms in March. Ziggo's shares have risen 15 percent since then on speculation Liberty could launch a full takeover bid and merge Ziggo with its Dutch unit UPC.
