Ziggo’s major shareholders Warburg Pincus and Cinven have sold 14.5% of the Dutch cablenet’s share capital.
The transaction represents the largest IPO since July 2011. The 29 million ordinary shares, floated on the NYSE Euronext exchange in Amsterdam, were priced at €23.50 per share. An over allotment option represents a further three million shares.
It is the second tranche of shares in Ziggo to be placed this year following an earlier IPO in March.
Joseph Schull, head of Warburg Pincus in Europe, commented, “Since its IPO, Ziggo has outperformed the market index and has also produced two sets of strong quarterly results. This placing demonstrates the high level of institutional support for the stock and the company’s successful growth strategy. We remain supportive shareholders in the company and look forward to working with management to build on its successful track record.”
Warburg Pincus led the formation of Ziggo through its initial acquisition of Multikabel in December 2005, followed by the acquisition of Casema and @Home along with other investors in September 2006 and January 2007, respectively.
In May 2008, the three businesses were successfully integrated under a new brand name, Ziggo. Warburg Pincus was instrumental in the creation of the new company and in its subsequent growth and strategic development.
Following the sale the major shareholders and their partners own a combined 58.4% in the company.
