Liberty Global has completed the acquisition of Vodafone Group Plc's 50% shareholding in VodafoneZiggo. This transaction involved Vodafone receiving approximately €1.0 billion in cash and a 10% equity interest in the new Benelux entity, Ziggo Group. Liberty Global now holds the remaining 90% of Ziggo Group, which consolidates Liberty Global’s interests in VodafoneZiggo in the Netherlands and Telenet in Belgium and Luxembourg.
This acquisition paves the way for the planned listing of Ziggo Group on Euronext in Amsterdam in 2027. Liberty Global intends to spin off its 90% stake in Ziggo Group to its shareholders, a move expected to be tax-free for US shareholders. The company aims to unlock value in its telecommunications portfolio, similar to its successful spin-off of Sunrise in Switzerland.
The transaction is expected to generate significant synergies and strengthen Ziggo Group's position as a leading regional telecommunications operator. Vodafone will also continue to provide certain services to VodafoneZiggo, including brand licensing, for which it expects to receive €625 million over the next 10 years. Stephen van Rooyen, current VodafoneZiggo CEO, will lead the new Ziggo Group, with Jany Fruytier as CFO, as operations are set to begin in September.
Liberty Global is also actively pursuing asset disposals to support deleveraging efforts. Plans include selling approximately 50% of Telenet’s stake in Wyre, VodafoneZiggo’s tower portfolio, and certain property assets in Belgium and Holland, with proceeds ranging from €1.2 billion to €1.4 billion. Wyre has already drawn €2.71 billion from its bank facility, part of which was used to repay intercompany loans and reduce Telenet's debt.
