Liberty Global announced the acquisition of Vodafone Group's 50% interest in VodafoneZiggo today. The previously announced transaction is now final. This establishes Ziggo Group, the Benelux connectivity champion, as VodafoneZiggo's new parent company. As part of the transaction, Vodafone Group received approximately €1.0 billion in cash and a 10% shareholding in Ziggo Group.
Ziggo Group brings together Liberty Global’s Benelux businesses: VodafoneZiggo in the Netherlands and Telenet in Belgium and Luxembourg, with around 13 million customers and €6.6 billion in revenue between them. Both companies continue to operate independently, with their own brands, leadership and their own strategy in their markets. Behind them, Ziggo Group is a scaled Benelux organisation with strong local brands, resilient infrastructure and a robust capital structure, built for disciplined growth, efficiency and long-term investment.
Liberty Global holds 90% of Ziggo Group and Vodafone Group 10%. Liberty Global's strategy to unlock value is supported by plans to list Ziggo Group in Amsterdam in 2027. As a listed company, the group will set its own course and invest in networks and services across the Benelux for the long term.
Plans for the listing are already underway. Ziggo Group will begin operating as a combined Benelux company in September, when VodafoneZiggo CEO Stephen van Rooyen takes up his role as CEO of Ziggo Group, with Jany Fruytier as CFO.
Stephen van Rooyen, CEO VodafoneZiggo and intended CEO Ziggo Group: “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."
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.”
In practice, nothing changes for customers. Products, services, contracts, pricing agreements and service levels remain unchanged, as do the dedicated points of contact for business customers. VodafoneZiggo continues to operate in the Netherlands under the Vodafone, Ziggo and hollandsnieuwe brands.
Further strengthening in robust capital structure
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.
Forward-looking statement
This press release contains forward-looking statements, including on the intended listing of Ziggo Group in Amsterdam in 2027 and its future performance. These plans are subject to risks and uncertainties and may change, and actual outcomes may differ. No undue reliance should be placed on these statements.