Ziggo major shareholders Cinven Cable Investments and Warburg Pincus and co-investors have reduced their stake in the Dutch cableco by a further 20% via an accelerated bookbuild.
The private equity shareholders have reduced their investment in the…
Ziggo major shareholders Cinven Cable Investments and Warburg Pincus and co-investors have reduced their stake in the Dutch cableco by a further 20% via an accelerated bookbuild.
The private equity shareholders have reduced their investment in the Amsterdam-listed cableco in a series of transactions following its March 2012 IPO. The latest deal, which Ziggo announced today, has seen them sell 40 million ordinary shares, bringing their combined stake down from about 37.1% to 17.1%.
Ziggo did not disclose how much the shares were sold for. However, based on today’s share price, the stake has a value of about €990m.
Cinven, Warburg Pincus and co-investors sold a 25% stake in Ziggo via its IPO, raising €925m (US$1.2bn). Last July, they sold an additional 14.5% stake for €681.5m and, in October, sold an 18.5% stake for €915.75m.
Yesterday, Ziggo announced it had received commitments from nine banks to provide an €800m senior-secured credit facility and is seeking additional refinancing.
Ziggo posted revenues of €1.536bn for FY 2012, up 4% year-on-year. Adjusted EBITDA was up 5% year-on-year to €880.4m. Net debt at 31 December 2012 totalled €2.929bn.
