TLDR
- Liberty Global (LBTYA) is set to purchase Vodafone’s 50% share in VodafoneZiggo, paying €1.0 billion in cash along with a 10% equity interest in a newly created entity named Ziggo Group.
- Ziggo Group will merge Liberty Global’s holdings in VodafoneZiggo (Netherlands) and Telenet (Belgium), forming a Benelux-focused telecommunications holding firm.
- The agreement targets €500 million in adjusted free cash flow by 2028, plus synergies with an approximate net present value of €1 billion.
- Liberty Global intends to list Ziggo Group on Euronext Amsterdam in 2027 and distribute 90% of its shares to Liberty Global’s existing shareholders via a spin-off.
- LBTYA’s stock rose 16.76% following the news, with the deal projected to finalize in the second half of 2026.
On February 18, 2026, Liberty Global’s (LBTYA) stock climbed almost 17% after the company revealed an agreement to acquire Vodafone Group’s 50% stake in their Dutch joint venture, VodafoneZiggo.
The acquisition cost includes €1.0 billion in cash and a 10% equity stake in a newly established holding company known as Ziggo Group. This new entity will combine Liberty Global’s positions in VodafoneZiggo (Netherlands) and Telenet (Belgium).
This step creates a unified Benelux-centered telecom company, while both VodafoneZiggo and Telenet will retain their current brand names and existing management teams.
Mike Fries, Chairman and CEO of Liberty Global, described the deal as a key milestone in the company’s long-term dedication to the Benelux region. It aligns well with Liberty Global’s broader strategy to consolidate assets and return value to shareholders.
The transaction is anticipated to close in the second half of 2026, pending regulatory approvals. Goldman Sachs and LionTree are advising Liberty Global on the deal.
What Ziggo Group Looks Like on Paper
The merged Ziggo Group is aiming for roughly €500 million in adjusted free cash flow by 2028. The company also expects synergies and incremental services with a combined net present value of around €1 billion.
Liberty Global is also working to reduce Ziggo Group’s leverage to approximately 4.5x by 2028. To support this, it is currently selling about 50% of its stake in Wyre to aid Telenet’s deleveraging process.
From a financing perspective, the company has entered into long-term service agreements with to maintain operational continuity during the transition.
Plans for a 2027 Stock Market Listing
Liberty Global plans to list Ziggo Group on Euronext Amsterdam in 2027. Once listed, it intends to spin off 90% of its Ziggo Group shares to Liberty Global shareholders, subject to shareholder approval.
This spin-off structure means existing LBTYA investors will directly own shares in the new Benelux telecom company once it hits the public markets.
The listing plan adds a concrete timeline to what might otherwise be viewed as a long-term restructuring initiative.
Prior to the deal announcement, LBTYA stock traded at a Price/Book ratio of just 0.3, according to InvestingPro data—suggesting the market had priced in some skepticism about the company’s asset value.
The most recent analyst rating for LBTYA is a Hold with a $11.50 price target. The stock’s current market capitalization is approximately $3.7 billion.
Average daily trading volume for LBTYA is around 2.2 million shares.
