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Liberty Global completes €1bn buyout of VodafoneZiggo, sets stage for Amsterdam listing

By: IDCNOVARegion: Europe
Liberty Global has finalized its acquisition of Vodafone's 50 percent stake in VodafoneZiggo, the Dutch telecommunications joint venture, marking a major step in the company's strategy to consolidate its Benelux operations under a new holding structure. The transaction, which was first announced in February following earlier media speculation, positions Liberty Global as the sole owner of the Dutch carrier while giving Vodafone a minority equity interest in the newly formed Ziggo Group.

Under the terms of the deal, Liberty Global paid Vodafone approximately €1.0 billion ($1.15 billion) in cash, alongside a 10 percent equity interest in Ziggo Group, which will house Liberty Global's assets in VodafoneZiggo in the Netherlands and Telenet in Belgium and Luxembourg. Liberty Global retains the remaining 90 percent of Ziggo Group, creating a combined entity that serves 13 million customers across the region.

The completion of this buyout comes as Liberty Global prepares to list Ziggo Group on the Amsterdam stock exchange in 2027. The planned listing will be executed through a spin-off of Liberty Global's 90 percent stake to its shareholders, a move designed to be tax-free for US investors, with evaluations of tax treatment in other jurisdictions still ongoing. This follows a similar spin-off of Liberty Global's Swiss telecoms unit, Sunrise, which was completed in 2024.

"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," said Mike Fries, chairman and CEO of Liberty Global. "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."

Stephen van Rooyen, CEO of VodafoneZiggo and the intended CEO of Ziggo Group, emphasized continuity for customers. "Today marks the start of Ziggo Group. For customers, nothing changes: they keep the same trusted brands they know today. Our ambition is simple: combine the strength of a larger group with the focus and entrepreneurial spirit of strong local businesses."

The transaction underscores a broader trend of consolidation in European telecom markets, where operators are seeking scale to fund network investments and improve returns. By unifying VodafoneZiggo and Telenet under a single holding, Liberty Global aims to streamline governance and unlock operational synergies across the Benelux region. The upcoming Amsterdam listing is expected to provide a liquid public market for the group's shares, potentially attracting regional investors seeking exposure to a dominant telecom player with stable cash flows and a clear dividend policy.