Bilyonaryo - Business

Warburg Pincus still has 3% in Converge after unloading P13.7B shares

New York-based private equity titan Warburg Pincus still has a three percent stake in Converge ICT Solutions (CNVRG) of ultra bilyonaryo couple Dennis Anthony and Grace Uy.
Warburg Pincus, through its affiliate Coherent Cloud Investments, has 222.758 million CNVRG shares left after selling 548.655 million shares at P5 each on May 25.
CNVRG accounted for nearly half or P6.5 billion of the shares sold by Warburg Pincus under the fiber broadband provider’s shares buyback program.
Warburg Pincus plans to distribute within 30 days its remaining shares in CNVRG.
CNVRG is Warburg Pincus’ first investment in the country.
Warburg Pincus pumped in $250 million or P12.8 billion into CNVRG in 2019 to help Dennis and Grace bankroll their $1.8 billion internet backbone as part of their ambition to capture a third of the county’s household consumers.