Vodafone Sells Stake in VodafoneZiggo to Liberty Global, Paving Way for Amsterdam IPO

Vodafone has agreed to sell its 50% stake in VodafoneZiggo to Liberty Global for €1.0 billion in cash and a 10% shareholding in a new Benelux entity, Ziggo Group, which will own 100% of both VodafoneZiggo and Liberty Global’s Belgian subsidiary, Telenet Group Holding. The move sets the stage for a potential listing of Ziggo Group on Euronext Amsterdam in 2027.

Deal Details and Financial Implications

The transaction values VodafoneZiggo at 7.1x EV / CY2025 Adjusted EBITDA and 14.2x EV / CY2025 OpFCF, according to Vodafone. Vodafone will also receive €625 million over the next 10 years for providing services, including brand licensing, to VodafoneZiggo.

Liberty Global intends to spin off its 90% stake in Ziggo Group to existing shareholders before the planned listing in Amsterdam. Vodafone retains the option to sell its 10% shareholding in Ziggo Group to a third party if the spin-off does not occur within 18 months of the deal’s completion.

Strategic Rationale

Liberty Global anticipates that Ziggo Group will benefit from both financial and operational synergies. The company believes the transaction will accelerate its strategic execution and unlock long-term shareholder value. The combined entity is expected to be a regional telecommunications powerhouse in the Benelux region.

Margherita Della Valle, Chief Executive of Vodafone Group, stated the sale was agreed upon at an “attractive valuation.”

Future Outlook: Ziggo Group’s IPO

The planned initial public offering (IPO) of Ziggo Group in 2027 is a key component of the deal. The listing on Euronext Amsterdam is expected to provide further value creation through the spin-off of shares and increased market visibility. Both VodafoneZiggo and Telenet will continue to operate under their current brands and with their existing management teams.

About VodafoneZiggo and Liberty Global

VodafoneZiggo is a joint venture between Vodafone and Liberty Global, delivering fixed, mobile, and integrated services. Liberty Global is a leading international telecommunications company. Telenet Group Holding is Liberty Global’s Belgian subsidiary.