• Vodafone Group is selling its 50% stake in VodafoneZiggo to joint venture partner Liberty Global
• Liberty Global is setting up a new Benelux company, Ziggo Group, to hold its interests in VodafoneZiggo and Telenet in Belgium
• Vodafone Group will get €1bn in cash and a 10% stake in Ziggo Group
• Liberty Global aims to list Ziggo Group on the Euronext exchange in 2027

Liberty Global is acquiring Vodafone Group’s 50% stake in their Dutch joint venture, VodafoneZiggo, and is creating a new Benelux company called Ziggo Group that will comprise VodafoneZiggo and its Belgian operator Telenet: Vodafone will receive €1bn in cash and a 10% stake in Ziggo Group in return for its stake in the Netherlands telco. 

Both VodafoneZiggo and Telenet will continue to operate under their current brands and continue to focus on their respective strategic growth plans. 

In addition, “Liberty Global and Vodafone Group have entered into long-term service agreements relating to VodafoneZiggo, ensuring continued operational alignment and stability throughout the transition,” the company announced.  

In its own announcement about the deal, Vodafone says it “will provide certain services, including brand licensing, to VodafoneZiggo for a total of €625m over the next 10 years.”

Liberty Global plans to list Ziggo Group on the Amsterdam-based Euronext exchange in 2027 and to spin off the 90% held by Liberty Global to its shareholders in a move similar to the one Liberty Group made with its Sunrise business in Switzerland.

Vodafone has the option to sell its 10% shareholding in Ziggo Group to a third party should a spin off not occur within 18 months after completion, noted Vodafone in this press release. The deal is expected to close in the second half of 2026. 

Mike Fries, chairman and CEO of Liberty Global, stated: “This transaction marks a significant milestone in our decades-long commitment to the Benelux region and is fully aligned with our strategy of unlocking long-term value for shareholders. By combining these assets, we are creating a regional powerhouse comprised of two converged national FMC [fixed mobile convergence] champions operating in rational markets – an attractive platform with strong prospects for sustained free-cash-flow generation. We are excited about giving shareholders the opportunity to participate directly in Ziggo Group’s future growth and value creation.”  

Vodafone Group CEO Margherita Della Valle stated: “We’re pleased to have agreed the sale of our 50% share in VodafoneZiggo at an attractive valuation. This transaction delivers €1bn in cash to Vodafone, and we have the potential for further value creation through our 10% stake in Ziggo Group, a business with greater scale.”

- Ray Le Maistre, Editorial Director, TelecomTV