Warburg Pincus Said in Talks to Hire Ziggo CEO Rene ObermannDevin Banerjee and David Carey
Warburg Pincus LLC, the private-equity firm where former Treasury Secretary Tim Geithner is president, is in talks to hire Rene Obermann as a partner, according to a person with knowledge of the matter.
Obermann, the chief executive officer at Dutch cable-television operator Ziggo NV, would join Warburg Pincus’s London office following Ziggo’s sale to Liberty Global Inc. later this year, said the person, who requested anonymity because the information is private. Obermann, 51, spent seven years as CEO of Deutsche Telekom AG before joining Ziggo.
Sarah Gestetner, a spokeswoman for New York-based Warburg Pincus, declined to comment. The Financial Times reported the firm’s talks with Obermann earlier today.
Warburg Pincus, which last year finished raising $11.2 billion for its latest buyout fund, plans to draw on Obermann’s experience to find investments in Germany as well as telecommunications deals throughout Europe, the person said. Warburg Pincus last month said it will close its office in Germany and Lars Singbartl, the head of the office in Frankfurt, will leave the firm. The move marked the second time the firm closed its operations in Germany, following the shuttering of its Munich branch in 2004.
Ziggo, which until 2012 was majority-owned by Warburg Pincus and private-equity firm Cinven Ltd., agreed in January to be sold to John Malone’s Liberty Global in a deal valued at 10 billion euros ($13.2 billion). Cinven made 2.8 times its original investment in Ziggo when it finished selling its stake last year, and Warburg Pincus reaped about 4 times its money.
Warburg Pincus, led by co-CEOs Chip Kaye and Joe Landy, oversees more than $39 billion in assets.
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