Cinven and Warbug Pincus exercise Ziggo over-allotment option

Anneken Tappe
31 October 2012

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Cinven, Warburg Pincus and their co-investors have announced the initiation of an over-allotment option for Dutch cable operator Ziggo.

The option will result in the sale of an additional three million ordinary shares at €24.75 per share. It is expected to reach settlement on Friday 2 November 2012.

Following completion, current shareholders Cinven, Warburg Pincus and Dutch Cable Limited Partnership will hold 74.2 million shares in the company.

According to reports, Warbug Pincus will reduce its current stake of 21.8% to 14.4%.

JP Morgan and Morgan Stanley are acting as joint bookrunners and global coordinators. Deutsche Bank's London branch, UBS, ABN Amro and Nomura are joint bookrunners for the offering.

Ziggo was floated on the NYSE Euronext Amsterdam in March this year at €21.20 per share, raising €922m for the company. The share price at the time of flotation was already far higher than its original indication of €16.50-18.50, reaching a trading price of €23.50 per share at the end of July.