Media centre

All Group media enquiries should be directed to
Vanessa Maydon, Corporate Affairs Director.

Cinven Partners LLP
Warwick Court
Paternoster Square
London EC4M 7AG

Tel: +44 (0)20 7661 3325
Mob: +44 (0)7802 961 902
Email: Vanessa Maydon

Press releases

Ziggo
25 October 2012

Cinven raises €342 million via partial sale of its stake in Ziggo N.V.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA

European private equity firm, Cinven, today announces that it has successfully completed the sale of 13.8 million ordinary shares of Ziggo N.V. ("Ziggo" or the "Company"), the largest cable operator in the Netherlands, at a price of €24.75 per share, realising €342 million of gross proceeds.

Following the listing in March 2012, the sale of shares on 31 July 2012 (which raised €255 million of gross proceeds) and this sale of shares, Ziggo will have generated total proceeds of c.€950 million for the Fourth Cinven Fund and a total money multiple of 2.8x including Cinven’s remaining shareholding in the company. At the close of trading on 24 October 2012, Ziggo ordinary shares were trading at a 41% premium to the issue price. On completion of this transaction, Cinven will retain a 14% shareholding in Ziggo.

A total 37 million ordinary Ziggo shares were placed as a result of this transaction, incorporating those owned by Cinven, Warburg Pincus and certain affiliated co-investors (the "Selling Shareholders"), resulting in total gross proceeds of €916 million. In addition, there is an over-allotment option for up to an additional 3 million shares. After the completion of the transaction, the Selling Shareholders will own a combined 77 million shares in Ziggo, representing approximately 39% of the capital. Cinven and Warburg Pincus are subject to a lock-up period of 90 days following the completion of the transaction.

In March 2012, Cinven completed the successful IPO of Ziggo on the NYSE Euronext Amsterdam. Cinven led the original investment in Ziggo in 2006 and retained a 27% shareholding in the Company post-IPO.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

This press release does not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in the United States. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended, (the "Securities Act") and may not be offered or sold in the United States absent registration under the Securities Act or pursuant to an available exemption from, or a transaction not subject to, the registration requirements of the Securities Act.

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