Warburg Pincus, the US buy-out firm with $14bn (€11.6bn) under management and $4bn available to invest, has taken a controlling stake in FiberNet, a Hungarian cable company.

UK-based Argus Capital Partners, which has offices in Prague, Warsaw and Budapest, sold the stake which is understood to have been its first full exit. Debt for the $72m deal was provided by Austrian financial services provider, Raiffeisen Bank.