Liberty Global (NASDAQ: LBTYA) completes VodafoneZiggo buyout, plans Ziggo spin
Rhea-AI Filing Summary
Liberty Global Ltd. has completed the acquisition of Vodafone Group’s 50% stake in VodafoneZiggo, giving it effective control of the Benelux telecom assets that will form Ziggo Group. Vodafone received approximately €1.0 billion in cash and a 10% equity interest in Ziggo Group, with Liberty Global holding the remaining 90%.
Ziggo Group is described as a Benelux connectivity platform with 13 million customers and €6.6 billion of 2025 revenue, combining VodafoneZiggo in the Netherlands and Telenet in Belgium and Luxembourg. Liberty Global plans to spin off its 90% Ziggo Group stake to shareholders and pursue a listing on Euronext Amsterdam in 2027, a transaction intended to be tax free for U.S. shareholders, subject to board, SEC and shareholder approvals and other customary conditions.
Capital structures around these assets have been reshaped: Wyre has drawn €2.71 billion from a €4.35 billion bank facility, funding a €398 million dividend and repayment of a €1.98 billion intercompany loan to Telenet, which then repaid €2.12 billion of its own debt. Further €1.2–1.4 billion of planned asset disposals across Ziggo Group are earmarked for additional debt retirement.
Positive
- €2.12 billion of Telenet debt has been repaid, and a further €1.2–1.4 billion of planned asset disposals across Ziggo Group is earmarked to retire additional debt, representing a substantial deleveraging around the Benelux telecom assets.
Negative
- None.
Filing Explained
The July 31 completion established the separated structure; Ziggo Group’s proposed distribution and listing remain conditional, while asset disposals are under way.
Form 8-K reports that Liberty Global completed the VodafoneZiggo acquisition on
The completed separation changes the financing structure, but the proposed distribution of Liberty Global’s Ziggo Group interest and Amsterdam listing remain planned transactions subject to board, shareholder, SEC registration and other conditions.
The filing updates the status of identified Ziggo Group asset disposals to under way; their proceeds are intended to retire debt, but the filing does not say those disposals have completed.
8-K Event Classification
3 items: 7.01, 8.01, 9.01
3 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Cash paid to Vodafone: €1.0 billion
Ownership of Ziggo Group: 90% Liberty Global, 10% Vodafone
Ziggo Group customers: 13 million
+5 more
8 metrics
Cash paid to Vodafone
€1.0 billion
Consideration in Liberty Global’s acquisition of Vodafone’s 50% VodafoneZiggo stake
Ownership of Ziggo Group
90% Liberty Global, 10% Vodafone
Equity interests in Ziggo Group after completion of the VodafoneZiggo buyout
Ziggo Group customers
13 million
Combined customers across VodafoneZiggo and Telenet as of 2025
Ziggo Group revenue
€6.6 billion
Combined 2025 revenue of VodafoneZiggo JV and Telenet, excluding Wyre
Wyre bank facility
€4.35 billion
Total size of Wyre’s bank facility following Belgian Competition Authority approval
Wyre debt drawn
€2.71 billion
Debt drawn by Wyre from its €4.35 billion bank facility
Telenet debt repaid
€2.12 billion
Telenet debt maturing in 2028 repaid using proceeds linked to Wyre transactions
Planned asset disposals
€1.2–1.4 billion
Expected proceeds from asset sales across Ziggo Group to retire debt
Key Terms
Spin Transaction, Euronext Amsterdam, Benelux, intercompany loan, +1 more
5 terms
Spin Transaction financial
"Liberty Global also provided an update regarding its previously announced intention to pursue a transaction"
Euronext Amsterdam financial
"seek to list the shares of Ziggo Group on Euronext Amsterdam"
Euronext Amsterdam is the national stock exchange in the Netherlands where shares and other securities are bought and sold, like a large, regulated marketplace for ownership in companies. It matters to investors because it provides a transparent place for price discovery and for converting investments into cash—similar to an auction house that sets fair prices—and because listings and rules there affect how easily and safely investors can trade and access Dutch and other European securities.
Benelux financial
"Ziggo Group, the Benelux connectivity champion with 13 million customers"
intercompany loan financial
"the repayment of a €1.98bn ($2.28bn) intercompany loan to Telenet"
A loan made by one legal entity within a corporate group to another entity in the same group—like one sibling in a family lending money to another. It matters to investors because these internal loans move cash and risk around without outside lenders, affecting reported liquidity, debt levels, and the true financial health of each unit; they can also signal how a parent company supports struggling parts or funds growth without external borrowing.
forward-looking statements regulatory
"This communication contains forward-looking statements within the meaning of the Private"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What transaction did Liberty Global (LBTYA) complete with VodafoneZiggo?
Liberty Global completed the acquisition of Vodafone’s 50% stake in VodafoneZiggo. Vodafone received approximately €1.0 billion in cash plus a 10% equity interest in Ziggo Group, while Liberty Global now holds the remaining 90% of Ziggo Group.
What is the scale of Ziggo Group as described by Liberty Global (LBTYA)?
Ziggo Group is described as a Benelux connectivity platform with about 13 million customers and €6.6 billion of 2025 revenue. These figures reflect the combined results of the VodafoneZiggo joint venture and Telenet, excluding Wyre, under broadly similar US GAAP and IFRS standards.
How is Liberty Global (LBTYA) restructuring debt around Wyre and Telenet?
Wyre has drawn €2.71 billion from a €4.35 billion bank facility, using proceeds for a €398 million dividend and repayment of a €1.98 billion intercompany loan to Telenet. Telenet then repaid €2.12 billion of its own debt maturing in 2028.
What additional deleveraging steps are planned across Ziggo Group, according to Liberty Global (LBTYA)?
Liberty Global reports planned asset disposals of €1.2–1.4 billion across Ziggo Group, including part of Telenet’s stake in Wyre, VodafoneZiggo’s tower portfolio and property assets. The proceeds are earmarked to retire debt, further reducing leverage around the Benelux telecom assets.
What are Liberty Global’s (LBTYA) broader telecom and investment platforms?
Liberty Telecom provides about 80 million fixed and mobile connections and generates aggregate revenue of $22 billion. Liberty Growth invests across technology, media, sports and infrastructure, holding roughly 70 companies and funds valued at $3.4 billion as of December 31, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 31, 2026
(Exact Name of Registrant as Specified in Charter)
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(Address of Principal Executive Office)
+1 .303 .220.6600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
On August 3, 2026, Liberty Global Ltd. (“Liberty Global”) issued a press release announcing, among other things, that it has completed its acquisition of Vodafone Group Plc’s 50% shareholding in VodafoneZiggo and formally separated the Wyre Holding BV and Telenet Group Holding NV/SA (“Telenet”) capital structures. A copy of the press release is furnished hereto as Exhibit 99.1 and is hereby incorporated into this Item 7.01 by reference.
Item 8.01 Other Events
On August 3, 2026, Liberty Global announced, among other things, the July 31. 2026 completion of its acquisition of Vodafone Group Plc's 50% shareholding in VodafoneZiggo. As part of the transaction, Vodafone has received €1.0 billion in cash and a 10% equity interest in Ziggo Group, which will hold Liberty Global's interests in VodafoneZiggo in the Netherlands and Telenet in Belgium and Luxembourg. Liberty Global holds the remaining 90% of Ziggo Group. Liberty Global also provided an update regarding its previously announced intention to pursue a transaction pursuant to which Liberty Global would distribute to its shareholders its entire equity interest in Ziggo Group, a holding company that owns, directly or indirectly, all of the equity interests in Telenet and VodafoneZiggo Group Holding B.V., and seek to list the shares of Ziggo Group on Euronext Amsterdam (the “Spin Transaction”).
The Spin Transaction is subject to customary conditions, including final approval by Liberty Global’s board of directors, the U.S. Securities and Exchange Commission declaring effective a registration statement with respect to the shares to be distributed to Liberty Global’s shareholders, approval of the Spin Transaction by Liberty Global’s shareholders and satisfaction of certain other conditions.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Spin Transaction, the listing of the Ziggo Group shares for trading on the Euronext Amsterdam Exchange (“Euronext”) 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 the Spin Transaction and/or related matters, our ability to satisfy the other conditions to the Spin Transaction on the expected timeframe or at all, the approval of the shares of Ziggo Group for listing on Euronext and the development of a trading market for them, the Liberty Global Board of Directors’ discretion to decide not to complete the Spin Transaction for any reason, our ability to realize the expected benefits from the Spin Transaction, unanticipated difficulties or costs in connection with the Spin Transaction, Ziggo Group’s ability to successfully operate as an independent public company and maintain its relationships with material counterparties after the Spin Transaction and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including those discussed in the “Risk Factors” section of Liberty Global’s most recent Annual Report on Form 10-K and in Liberty Global’s other filings with the SEC.
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.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Exhibit Name | |||||||
| 99.1 | Press release dated August 3, 2026 | |||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LIBERTY GLOBAL LTD. | ||||||||
| By: | /s/ RANDY L. LAZZELL | |||||||
| Randy L. Lazzell | ||||||||
| Vice President | ||||||||
Date: August 3, 2026
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Exhibit 99.1
LIBERTY GLOBAL COMPLETES BUYOUT OF VODAFONEZIGGO AS IT PREPARES FOR 2027 ZIGGO GROUP LISTING
Denver, Colorado; London, UK – August 03, 2026
Liberty Global Ltd. (NASDAQ: LBTYA, LBTYB and LBTYK) today announced the completion of its acquisition of Vodafone Group Plc's 50% shareholding in VodafoneZiggo, paving the way for the creation of Ziggo Group, the Benelux connectivity champion with 13 million customers and €6.6bn of revenue*.
As part of the transaction, Vodafone has received approximately €1.0 billion in cash and a 10% equity interest in Ziggo Group, which will hold Liberty Global's interests in VodafoneZiggo in the Netherlands and Telenet in Belgium and Luxembourg. Liberty Global holds the remaining 90% of Ziggo Group.
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 90% held by Liberty Global to its shareholders. The proposed spin-off is intended to be tax free for US shareholders of Liberty Global (with evaluation of tax treatment in other jurisdictions ongoing), and follows the successful spin-off of the company's Swiss telecoms group, Sunrise, which has delivered significant returns for shareholders.
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 €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.
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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.”
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 $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 $3.4 billion.*
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.
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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 | ||||||||