A key investor in Webster Financial (WBS) is reducing its stake in the Waterbury, Conn., company.

Webster said Thursday that Warburg Pincus will sell 10 million shares of the $1.9 billion-asset company's common stock in a secondary offering. Warburg, which invested $115 million in Webster in July 2009, will reduce its stake in the company to roughly 13.6% from 23.6%.

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