Liberty Global Completes Buyout of VodafoneZiggo as it Prepares for 2027 Ziggo Group Listing
Rhea-AI Summary
Liberty Global (NASDAQ: LBTYA) has completed its acquisition of Vodafone Group’s 50% stake in VodafoneZiggo, giving it 100% ownership and enabling the formation of Ziggo Group, a Benelux connectivity platform with 13 million customers and €6.6 billion of 2025 revenue*.
As part of the deal, Vodafone received about €1.0 billion in cash and a 10% equity stake in Ziggo Group, while Liberty Global will hold the remaining 90% until a planned Amsterdam listing in 2027, when its stake is intended to be spun off tax free to US shareholders. Ziggo Group will combine Liberty Global’s interests in VodafoneZiggo and Telenet, with Stephen van Rooyen appointed CEO and Jany Fruytier CFO from September. Financing steps include separation of Telenet and Wyre credit facilities, Wyre drawing €2.71 billion from a €4.35 billion bank facility, a €398 million dividend and €1.98 billion loan repayment to Telenet, and Telenet repaying €2.12 billion of its own 2028 debt. Asset disposals of €1.2–1.4 billion across Ziggo Group are underway to retire debt.
Positive
- Completed 50% VodafoneZiggo buyout, creating Ziggo Group with 13m customers and €6.6bn 2025 revenue*
- Vodafone consideration of ~€1.0bn cash plus a 10% equity stake in Ziggo Group
- Planned 2027 Amsterdam listing with spin-off of Liberty Global’s 90% Ziggo Group stake to shareholders
- Intended tax-free treatment for US Liberty Global shareholders on the Ziggo Group spin-off
- Debt reduction at Telenet via €2.12bn repayment of its own debt maturing in 2028
- Planned €1.2–1.4bn asset disposals across Ziggo Group with proceeds earmarked to retire debt
Negative
- None.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 24 | Q2 earnings report | Negative | -5.8% | Revenue and Adjusted EBITDA declined year over year; consolidated net loss remained substantial. |
| Jun 02 | Earnings call scheduling | Neutral | -3.9% | The company scheduled its second-quarter results release and investor call. |
| Jun 01 | Leadership change | Positive | -3.0% | Liberty named Ziggo Group leadership ahead of its planned Amsterdam listing. |
| May 06 | Partnership investment | Positive | +2.2% | Liberty Global Tech Ventures invested in AI security company XBOW. |
| May 01 | Q1 earnings report | Positive | +3.3% | Liberty reported higher revenue and EBITDA while reiterating full-year guidance. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Positive strategic or operating announcements aligned with gains three times, while the June listing and leadership update diverged with a negative reaction.
Key Terms
equity interest financial
spin-off financial
credit facilities financial
intercompany loan financial
us gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
DENVER and LONDON, Aug. 03, 2026 (GLOBE NEWSWIRE) -- Liberty Global Ltd. (NASDAQ: LBTYA, LBTYB and LBTYK) today announced the completion of its acquisition of Vodafone Group Plc's
As part of the transaction, Vodafone has received approximately
The completion of the transaction marks a significant milestone in Liberty Global's strategy to unlock value in its telecommunications portfolio. As previously announced, the company plans to list Ziggo Group in Amsterdam in 2027 by spinning off the
Plans for the listing of Ziggo Group are already under way with VodafoneZiggo CEO Stephen van Rooyen appointed CEO of Ziggo Group and Sunrise CFO Jany Fruytier becoming CFO once Ziggo Group begins operations in September.
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
In addition,
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
Stephen van Rooyen, VodafoneZiggo CEO and intended Ziggo Group CEO, said: “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."
*Financial data as of December 31, 2025 and represents the combined results of the VodafoneZiggo JV and Telenet, excluding Wyre. US GAAP and IFRS are broadly similar. For more additional information please see the Liberty Global Q1 2026 investor presentation.
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
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
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 Michael Bishop +44 20 8483 6246 Lewis Chong +44 7927 583187 Corporate Communications Pádraig McGarrigle +44 7474 736967