Liberty Global has completed its acquisition of Vodafone Group Plc’s 50% shareholding in VodafoneZiggo, a Dutch joint venture. The transaction involved Vodafone receiving approximately $1.0 billion in cash and a 10% equity interest in the newly created Ziggo Group. This new entity will hold Liberty Global’s interests in VodafoneZiggo in the Netherlands and Telenet in Belgium and Luxembourg, with Liberty Global retaining the remaining 90% of Ziggo Group. The deal, which was agreed upon in February 2026, values VodafoneZiggo at 7.1x EV / CY2025 Adjusted EBITDA and 14.2x EV / CY2025 OpFCF.
This move paves the way for the creation of Ziggo Group, which is positioned as a Benelux connectivity champion with 13 million customers and projected annual revenue of €6.6 billion (as of December 31, 2025). The completion of the transaction is a significant step in Liberty Global’s strategy to unlock value from its telecommunications portfolio. As part of this strategy, Liberty Global plans to list Ziggo Group in Amsterdam in 2027 by spinning off its 90% stake to its shareholders, aiming for a tax-free spin-off for US shareholders. Vodafone will also provide certain services, including brand licensing, to VodafoneZiggo for an expected total of €625 million over the next 10 years.
Leadership appointments for the new Ziggo Group include Stephen van Rooyen, the current VodafoneZiggo CEO, as CEO, and Jany Fruytier, former Sunrise CFO, as CFO, with operations commencing in September. Liberty Global expects the Ziggo Group to generate approximately €500 million in combined Adjusted Free Cash Flow by 2028 and to achieve synergies with a net present value of €1 billion. The company also anticipates a deleveraging roadmap to approximately 4.5x by 2028, supported by asset sales, including approximately 50% of Telenet’s stake in Wyre, VodafoneZiggo’s tower portfolio, and certain property assets, which are expected to generate between €1.2 billion and €1.4 billion to retire debt.
