Liberty Global is reportedly moving forward with the sale of a 50% stake in its Belgian fiber network business, Wyre, having shortlisted bidders for the asset. The stake could be valued at around $1.2 billion (€1 billion), according to people familiar with the matter. Goldman Sachs Group Inc. has been tapped by Liberty Global to help arrange the sale.
This divestment is a strategic move by Liberty Global to generate capital, which is expected to be used to fund the acquisition of Vodafone's 50% stake in VodafoneZiggo and to reduce overall debt. The sale aligns with Liberty Global's strategy to focus on its core telecom operations and leverage infrastructure financing opportunities. The proceeds from the Wyre sale will bolster Liberty Global's balance sheet, providing a significant liquidity injection as the company nears key strategic milestones.
Potential buyers for the Wyre stake are expected to include infrastructure funds and private equity firms, reflecting a broader market trend where dedicated capital seeks stable, long-duration assets with predictable cash flows. Wyre's network assets were refinanced for €4.35 billion in October 2025, a move that enables it to operate as a standalone infrastructure entity and enhances its credit quality and cash flow visibility for potential investors. Regulatory approval for Wyre to operate as an unrestricted subsidiary under Telenet's credit facility is a key condition for the financing.
While deliberations are still preliminary and Liberty Global could ultimately decide against the deal, the engagement of Goldman Sachs indicates progress. The sale is part of a larger corporate restructuring where Telenet is separating its capital structures, and Wyre's 50% stake is considered a non-core asset in this new architecture. This separation and refinancing are projected to help Telenet ServCo deleverage, with pro forma debt expected to fall from €5.343 billion to €3.123 billion, aiming for a target leverage of 4.5x, a notable improvement from 5.4x at the end of 2025.
Wyre, along with Telenet, Proximus, and Fiberklaar, received approval from the Belgian Competition Authority to roll out a combined fiber network in medium and rural population density areas of Flanders. This unique agreement aims to accelerate the rollout of fiber, with Wyre building 58.5% and Fiberklaar 41.5% of the network. The goal is to connect 1.9 million homes by June 2037, with the majority passed by June 2029, and access will be available to all providers on fair, reasonable, and non-discriminatory terms.
