Liberty Global Agrees to Sell Dutch Towers Ahead of 2027 Ziggo Group Listing

Liberty Global monetizes Dutch tower assets to reduce Ziggo Group debt and advance plans for a 2027 Amsterdam listing.

Rhea-AI Summary

Liberty Global (LBTYA) agreed to sell VodafoneZiggo’s Dutch tower assets for €669 million to an entity jointly owned by funds managed by DigitalBridge, TD Greystone Infrastructure and L&G.

The deal values the tower portfolio at 16.2x VodafoneZiggo TowerCo’s pro forma 2025 EBITDA on a US GAAP basis, verified by Deloitte. Completion is subject to regulatory approvals and VodafoneZiggo works council consultation. Proceeds will be used to retire debt across Ziggo Group, the new Benelux telecom company holding Liberty Global’s interests in VodafoneZiggo and Telenet. Liberty Global is pursuing €1.2–1.4 billion of non-core asset disposals to support an intended Amsterdam listing of Ziggo Group in mid-2027.

Positive

• €669 million cash consideration from sale of VodafoneZiggo Dutch tower assets
• Tower portfolio valued at 16.2x pro forma 2025 EBITDA
• Targeted non-core asset disposals of €1.2–1.4 billion to support Ziggo Group listing
• Proceeds earmarked to retire debt across Ziggo Group

Negative

• Transaction completion subject to regulatory approvals and works council consultation, adding execution risk

Market Context

Before publication, LBTYA was down 0.38%; the Aug 3 Ziggo ownership announcement had drawn a 2.54% 2...

Analysis

Before publication, LBTYA was down 0.38%; the Aug 3 Ziggo ownership announcement had drawn a 2.54% 24-hour gain and also established the debt-retirement and asset-disposal program underlying today’s sale.

Key Figures

Transaction consideration: €669 million Transaction valuation: 16.2x 2025 EBITDA Targeted asset disposals: €1.2-1.4bn +1 more

Transaction consideration

€669 million

Sale of VodafoneZiggo's Dutch tower assets

Transaction valuation

16.2x 2025 EBITDA

Dutch tower assets

Targeted asset disposals

€1.2-1.4bn

Non-core Ziggo Group disposals

Planned listing

Middle of 2027

Intended Ziggo Group listing in Amsterdam

Historical Context

1 past event · Latest: Aug 03

1 event

1. Aug 03

   Ziggo ownership completion

   24h Move

   +2.5%

   Completed VodafoneZiggo buyout and outlined asset disposals to retire Ziggo Group debt.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ebitda, us gaap, pro forma

3 terms

ebitda financial

"The transaction values the Dutch tower assets at 16.2x of their 2025 EBITDA"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

us gaap financial

"VodafoneZiggo TowerCo pro forma 2025 EBITDA on a US GAAP basis"

U.S. GAAP is the set of official accounting rules and standards companies in the United States use to record and report their financial results. Like a common recipe book for financial statements, it makes company reports consistent and easier to compare, so investors can better judge profitability, risk and trends when deciding to buy, hold or sell shares.

pro forma financial

"VodafoneZiggo TowerCo pro forma 2025 EBITDA"

Pro forma refers to financial information that is prepared based on estimates or adjustments to show what a company's results might look like under certain scenarios, such as new projects or acquisitions. It helps investors understand the potential impact of future events by providing a clear, hypothetical view of financial performance, much like a weather forecast shows possible future conditions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DENVER and UTRECHT, The Netherlands, Sept. 08, 2026 (GLOBE NEWSWIRE) -- Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) today announced that it has agreed to sell VodafoneZiggo's tower assets to an entity to be jointly owned by funds managed by DigitalBridge, TD Greystone Infrastructure and L&G for a consideration of €669 million.

The transaction values the Dutch tower assets at 16.2x of their 2025 EBITDA* and is subject to regulatory approvals and VodafoneZiggo works council consultation.

Proceeds from the transaction will be used to retire debt across Ziggo Group, the new Benelux telecommunications company that holds Liberty Global's interests in VodafoneZiggo and Telenet.

Further sale processes are underway across Ziggo Group as part of Liberty Global’s targeted €1.2-1.4bn of non-core asset disposals to support the intended listing of Ziggo Group in Amsterdam in the middle of 2027.

Mike Fries, Chairman and CEO of Liberty Global, said: "This transaction represents another important step towards the compelling listing of Ziggo Group next year. Through this disposal and others that are underway, we are creating a stronger platform for long-term growth and value creation for existing Liberty Global shareholders and local investors who want to own part of this regional telecoms powerhouse."

* VodafoneZiggo TowerCo pro forma 2025 EBITDA on a US GAAP basis, verified by Deloitte.

ABOUT LIBERTY GLOBAL

Liberty Global Ltd. (Nasdaq: LBTYA, LBTYB, LBTYK) delivers long-term shareholder value through the strategic management of two complementary platforms: Liberty Telecom and Liberty Growth.

Liberty Telecom is a world leader in converged broadband, video and mobile communications, providing approximately 80 million fixed and mobile connections across Europe through advanced fiber and 5G networks that empower customers and strengthen national economies. The business generates aggregate revenue of $22 billion, including approximately $18 billion from nonconsolidated joint ventures and $4 billion from consolidated operations.

Liberty Growth invests in scalable businesses across the technology, media, sports and infrastructure sectors, with a portfolio of roughly 70 companies and funds valued at $3.4billion.*

Together, these platforms reflect Liberty Global’s focus on operating, enabling and investing in businesses with strong strategic fit and the potential to deliver sustainable long-term returns.

*As independently valued as of December 31, 2025.

FORWARD LOOKING STATEMENT
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the combination of Liberty Global’s interests in VodafoneZiggo and Telenet into a new holding company to be named Ziggo Group, the potential listing of the Ziggo Group shares for trading (together, the “Transaction”), the performance of Ziggo Group following the Transaction and other information and statements that are not historical fact. These forward-looking statements are subject to certain risks and uncertainties, some of which are beyond our control, that could cause actual results to differ materially from those expressed or implied by these statements. Such risks and uncertainties include the risk that we do not receive shareholder approval for certain aspects of the Transaction and/or related matters, our ability to satisfy the other conditions to the Transaction on the expected timeframe or at all, the approval of the shares of Ziggo Group for listing on the relevant stock exchange and the development of a trading market for them, the Liberty Global Board of Directors’ discretion to decide not to complete the Transaction for any reason, our ability to realize the expected benefits from the Transaction, unanticipated difficulties or costs in connection with the Transaction, Ziggo Group’s ability to successfully operate as an independent public company and maintain its relationships with material counterparties after the Transaction and other factors detailed from time to time in Liberty Global’s most recently filed Annual Report on Form 10-K and in Liberty Global’s other filings with the SEC, as it may be updated or supplemented from time to time by our quarterly reports and other subsequent filings.

These forward-looking statements speak only as of the date hereof. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. You are cautioned not to place undue reliance on any forward-looking statement.

For more information, please visit www.libertyglobal.com or contact:

Investor Relations	Corporate Communications
Michael Bishop +44 20 8483 6246	Pádraig McGarrigle +44 7474 736967
Lewis Chong +44 7927 583187

FAQ

Who is buying VodafoneZiggo’s Dutch tower assets from Liberty Global?

The Dutch tower assets are being sold to an entity that will be jointly owned by funds managed by DigitalBridge, TD Greystone Infrastructure and L&G.

What is Ziggo Group and how is it related to Liberty Global?

Ziggo Group is a new Benelux telecommunications company that holds Liberty Global’s interests in VodafoneZiggo and Telenet. Debt at Ziggo Group will be reduced using the tower sale proceeds, and Liberty Global aims to support an intended listing of Ziggo Group in Amsterdam in the middle of 2027.