The shareholders of Dutch cable operator Ziggo announced plans to sell another 14.5 percent stake in the company in a secondary public offering. The decision comes just four months after Ziggo's initial public offering of shares, when Cinven and Warburg Pincus sold 25 percent of the company. Since then, the share price has risen over 28 percent.
The shareholders said the offer size was increased from an original 18 million shares to 29 million due to strong investor demand. The offering was priced at EUR 23.50 per share, a small discount to the previous closing price of 24.76. Gross proceeds of the offering are EUR 681.5 million, and another 3 million shares are available as an over-allotment option.
After the sale, the two private equity firms will see their stake in Ziggo drop to 58.4 percent from 72.9 percent previously. They received a waiver of the lock-up agreement from the IPO in order to go ahead with the sale and agreed to another 90 days of not selling shares after this sale.
