The private-equity firms Warburg Pincus and Thomas H. Lee Partners are selling roughly a third of their combined stake in Umpqua Holdings of Portland, Ore.

On Wednesday the $22 billion-asset Umpqua announced the start of a secondary offering of 15 million shares owned by the private-equity firms. It did not specify how much each firm is selling; Warburg and Lee Partners each own about 21.6 million shares.

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