LONDON - The private equity firms Cinven and Warburg Pincus are selling their remaining stakes in the Dutch cable company Ziggo for up to a combined 880 million euros, or $1.1 billion.
The firms have been progressively reducing their holding in Ziggo since the Dutch company raised 804 million euros in one of Europe’s largest initial public offerings last year.
The share sale will allow the private equity firms to offload their final combined 17 percent stake in Ziggo in the latest in a series of recent deals in Europe’s telecommunications sector.
Last month, Liberty Global, which is buying the British cable company Virgin Media for $16 billion, also acquired a 13 percent stake in Ziggo for around 630 million euros. Spanish telecoms giant Telefónica raised 1.5 billion euros in October through the I.P.O. of its German subsidiary, the largest new listing in Europe last year.
Cinven and Warburg Pincus set the price range for the latest share sale at 25.5 euros to 25.75 euros a share, according to two people with direct knowledge of the matter, who spoke on the condition of anonymity because they were not authorized to speak publicly. The offering closed early on Friday and was oversubscribed, one of the people added.
The share sale represents an 8 percent discount on Ziggo’s closing share price on Thursday. The Dutch cable company’s shares fell 6.7 percent in morning trading in Amsterdam, though they have risen 40 percent since its initial offering early last year.
Spokeswomen for Cinven and Warburg Pincus declined to comment.
Deutsche Bank and UBS are bookrunners on the Ziggo share sale.
