As part of the transaction, Vodafone will also receive a 10% equity interest in a newly created holding company, Ziggo Group, which will combine Liberty Global’s interests in VodafoneZiggo and Telenet in Belgium.
Liberty Global intends to spin off 90% of Ziggo Group to its shareholders and pursue a listing on Euronext Amsterdam in 2027, subject to approvals.
Both VodafoneZiggo and Telenet will continue to operate under their existing brands and management teams, maintaining separate credit structures. The companies have also entered into long-term service agreements to ensure operational continuity following completion, which is expected in the second half of 2026 pending regulatory clearance.
Mike Fries, chairman and CEO of Liberty Global, said: “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 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.”
Liberty Global has outlined a target of approximately €500 million in combined adjusted free cash flow by 2028E for Ziggo Group, alongside expected financial and operational synergies with a combined net present value of €1 billion.
For Vodafone, the deal provides €1.0 billion in cash proceeds while retaining exposure to the Benelux market through its minority stake. The UK-based operator will continue to provide brand licensing and other services to VodafoneZiggo under long-term agreements.
The move marks another step in Liberty Global’s portfolio reshaping strategy, consolidating its position in the Benelux and creating a standalone regional platform designed to attract a broader investor base.
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