Dutch cable consolidation

AMSTERDAM, Netherlands, Aug. 3 (UPI) -- Warburg Pincus LLC and Cinven Group Ltd., two private equity firms, agreed to buy Essent NV's Kabelcom unit, a major Dutch cable concern.

The $3.3 billion deal is the pair's second acquisition of a Dutch cable company in two weeks, the Financial Times reported Thursday. Late last month the two bought Casema.

Warburg Pincus and Cinven plan to merge Essent Kabelcom with Casema and Multikabel, a smaller Dutch cable company bought late last December, in a move that will give it some 53 percent of the Netherlands' cable market.

Private equity firms typically buy publicly held companies, boost efficiency and otherwise restructure to hike profits and then resell the property.