Dutch cableco Ziggo’s two major shareholders Cinven Cable Investments and WP Holdings (Warburg Pincus) and their co-investors have placed 29 million ordinary company shares at €23.50 (US$28.88) each, generating cash proceeds of a total €681.5m…
Dutch cableco Ziggo’s two major shareholders Cinven Cable Investments and WP Holdings (Warburg Pincus) and their co-investors have placed 29 million ordinary company shares at €23.50 (US$28.88) each, generating cash proceeds of a total €681.5m (US$837.57m). The amount of shares sold equals 14.5% of Ziggo’s ordinary share capital.
There is also an over-allotment option of three million shares, Ziggo announced this morning.
If the over-allotment option is not exercised, the private equity firms and co-investors will own 58.4% of the total share capital when the transaction closes. The sellers have agreed not to dispose of any further shares for 90 days afterward, subject to customary exceptions.
Final allocation is expected to take place today (31 July) and settlement is expected to take place on about 3 August.
Cinven, Warburg Pincus and co-investors first intended to sell 18 million shares with a two-million-share over-allotment option, but this morning announced they had increased the offering because of strong investor demand.
JP Morgan and Morgan Stanley are joint global coordinators and bookrunners for the accelerated private placement to Dutch and international investors, while Deutsche Bank, UBS and Nomura are joint bookrunners.
Based in Utrecht, Ziggo services about three million Dutch households. The cableco finalised its high-profile €925m (US$1.2bn) IPO on the NYSE Euronext Amsterdam in March.
The cableco reported revenues for the second quarter of €386.5m and adjusted EBITDA of €219m.
