Cinven and Warburg sell major Ziggo stake

October 25, 2012 11.35 Europe/London By Robert Briel


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

Local press reports in De Telegraaf suggest that “investors from the US and Great Britain, who used to hold shares in Telenet” are among the buyers. Telenet was temporarily de-listed until Monday, October 29 from the Brussels stock exchange pending further announcements from its main shareholder Liberty Global about plans to withdraw the operator’s listing.

After the completion of the zIGGO 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.

Cinven, Warburg Pincus and their co-investors have agreed not to dispose of any further Ziggo shares for 90 days following the completion of the transaction, subject to the customary exceptions.

Final allocations are expected to be communicated today and settlement is expected to take place on Tuesday, October 30, 2012.

The current direct combined ownership interest of the two private equity investors is 114.2 million shares, representing 57.1% of Ziggo’s ordinary share capital. 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.