Liberty Global Completes Buyout of VodafoneZiggo
Liberty Global today announced the completion of its acquisition of Vodafone Group Plc’s 50% shareholding in VodafoneZiggo, paving the way for the creation of Ziggo Group, the Benelux connectivity champion with 13 million customers and €6.6bn of revenue*.
As part of the transaction, Vodafone has received approximately €1.0 billion in cash and a 10% equity interest in Ziggo Group, which will hold Liberty Global’s interests in VodafoneZiggo in the Netherlands and Telenet in Belgium and Luxembourg. Liberty Global holds the remaining 90% of Ziggo Group.
The completion of the transaction marks a significant milestone in Liberty Global’s strategy to unlock value in its telecommunications portfolio. As previously announced, the company plans to list Ziggo Group in Amsterdam in 2027 by spinning off the 90% held by Liberty Global to its shareholders. The proposed spin-off is intended to be tax free for US shareholders of Liberty Global (with evaluation of tax treatment in other jurisdictions ongoing), and follows the successful spin-off of the company’s Swiss telecoms group, Sunrise, which has delivered significant returns for shareholders.
Plans for the listing of Ziggo Group are already under way with VodafoneZiggo CEO Stephen van Rooyen appointed CEO of Ziggo Group and Sunrise CFO Jany Fruytier becoming CFO once Ziggo Group begins operations in September.
The financial separation of Telenet’s and Wyre’s credit facilities has also been completed following the Belgian Competition Authority’s approval of the network collaboration in Flanders between Wyre and Proximus.
Wyre has drawn €2.71bn ($3.13bn) of debt from its €4.35bn ($5.02bn) bank facility. The use of proceeds included a €398m ($460m) dividend to Telenet and the repayment of a €1.98bn ($2.28bn) intercompany loan to Telenet. Telenet then used proceeds to repay €2.12bn ($2.45bn) of its own debt, maturing in 2028.
In addition, €1.2-1.4bn ($1.4-1.6bn) of asset disposals across the Ziggo Group (50% of Telenet’s stake in Wyre, VodafoneZiggo’s tower portfolio and certain property assets in Belgium and Holland) are under way with the proceeds being used to retire debt.
Mike Fries, Liberty Global Chairman and CEO said: “Ziggo Group is already the most important telecommunications company in the Benelux region, with the scale to deliver the highest quality services to residential and enterprise customers and the ambition to create long-term value for shareholders. Local investors will soon have the opportunity to invest in a regional champion with strong customer propositions and a compelling outlook for free cash flow generation and dividends over time.
“I’m also delighted that Vodafone will remain a 10% shareholder in the Ziggo Group. They have been an outstanding partner for nearly a decade and we will always maintain a strong relationship with Margherita and her team.”
Stephen van Rooyen, VodafoneZiggo CEO and intended Ziggo Group CEO said: “Today marks the start of Ziggo Group. For customers, nothing changes: they keep the same trusted brands they know today. Behind the scenes, though, we’re creating a stronger company with greater ability to invest, innovate and build for the future. Our ambition is simple: combine the strength of a larger group with the focus and entrepreneurial spirit of strong local businesses.”
*Financial data as of December 31, 2025 and represents the combined results of the VodafoneZiggo JV and Telenet, excluding Wyre. US GAAP and IFRS are broadly similar. For more additional information please see the Liberty Global Q1 2026 investor presentation.
