Hardly a surprise – Vodafone will also gain 10% of a new Benelux entity, Ziggo Group, that will wholly own Liberty’s Belgian subsidiary Telenet
Vodafone Group has agreed to sell its 50% interest in VodafoneZiggo to Liberty Global Global for €1 billion in cash and a 10% shareholding in a soon-to-be-formed Benelux entity to be known as Ziggo Group. There has repeated speculation that Liberty Global would buy Vodafone out of their 50/50 joint venture but that previously the two had been unable to agree on the price.
The new entity, Ziggo Group, will own 100% of both VodafoneZiggo’s and Liberty Global’s Belgian subsidiary, Telenet. The cash payment of €1 billion values VodafoneZiggo at 7.1 times its projected performance (see below for latest earnings report).
Liberty Global plans is to spin-off its 90% stake in Ziggo Group to existing shareholders and list 100% of Ziggo Group on Euronext in Amsterdam in 2027. Vodafone has the option to sell its 10% shareholding in Ziggo Group to a third party should a spin off not occur within 18 months after completion.
Liberty Global says it expects the Ziggo Group will benefit from financial and operational synergies.
A deal that keeps on giving
Vodafone and Liberty Global have also agreed that Vodafone will continue to provide certain services, including brand licensing, to VodafoneZiggo for payment of €625 million over the next 10 years. VodafoneZiggo was formed by the merger of Vodafone Netherlands and Ziggo, owned by Liberty Global, combining their Dutch operations to gain greater scale on 31 December 2016.
Margherita Della Valle, CEO of Vodafone Group, commented, “We’re pleased to have agreed the sale of our 50% share in VodafoneZiggo at an attractive valuation. This transaction delivers €1 billion in cash to Vodafone, and we have the potential for further value creation through our 10% stake in Ziggo Group, a business with greater scale.”
Liberty Global’s buyout is subject to the usual approvals and regulatory clearances and is expected to complete in the second half of this year.
Quarterly results
VodafoneZiggo also published its quarterly results today which is says show it is on track with strategic goals with revenues of just over €1 billion. It recorded its best quarter in mobile postpaid customers in two years, thanks in part to Black Friday campaigns and growth from its hollandsnieuwe brand. Mobile postpaid subscriptions grew by 17,700 in the fourth quarter of 2025.
VodafoneZiggo retained more broadband customers than in previous quarters – and almost half of all broadband customers now have a fixed contract. Its nett loss was just 11,900 customers in the quarter.
Ritchy Drost, CFO of VodafoneZiggo, noted, “This is the best commercial result in recent years. We have also achieved all our financial goals for 2025. Our performance in 2025 proves the strength of our strategy and our investments in our networks and for our customers. I am proud of that.”
