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Ziggo Investors Raise Share Sale to as Much as $923 Million

Warburg Pincus LLC and Cinven Ltd. may raise as much as 752 million euros ($923 million) after expanding a stake sale in Dutch cable company Ziggo NV because of “strong” investor demand.

Cinven, Warburg Pincus and allied investors have sold 29 million shares for 23.50 euros a piece, resulting in cash proceeds of 681.5 million euros, they said in a press release today. There is an over-allotment option for as many as 3 million additional shares. Initially the investors planned to sell about 18 million shares, with an over-allotment option of about 2 million shares.

“This placing demonstrates the high level of institutional support for the stock and the company’s successful growth strategy,” said Joseph Schull, head of Warburg Pincus in Europe.

Cinven is making about 2.7 times its investment after the listing in March and today’s share sales, according to an e-mailed statement. Warburg Pincus is making more than four times because it invested earlier in the cable company, according to a person familiar with the matter who asked not to be identified because the matter is private.

After the completion of the transaction, assuming no exercise of the over-allotment option, the investors will jointly own about 58.4 percent of the Ziggo capital.

“The good thing about this is that the free float will increase,” said Jeffrey Vonk, an Amsterdam-based analyst at ING. Some investors have steered clear of Ziggo because of the limited number of shares available to the public, said Vonk, who has a buy recommendation on the stock.

JPMorgan Chase & Co. and Morgan Stanley are joint global coordinators of the sale and Deutsche Bank AG, UBS AG and Nomura Holdings Inc. are acting as joint bookrunners.

Ziggo shares fell 2.5 percent to 24.14 euros at 10:34 a.m. in Amsterdam, giving the company a market value of 4.82 billion euros. They have gained 30 percent since their March initial public offering.

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