Liberty Global to Combine VodafoneZiggo, Telenet in $7.7 Billion Deal
The transaction aims to create a Benelux telecom powerhouse with sharper strategic focus and a planned 2027 Euronext listing.
**Liberty Global Ltd. (LBTYA) agreed to combine its Dutch and Belgian telecom assets—VodafoneZiggo and Telenet—into a new entity, Ziggo Group, in a transaction valued at $7.7 billion of revenue**, the company said. The deal, which does not specify cash or stock consideration, is designed to streamline operations and position the combined business for a planned listing on Euronext Amsterdam in 2027.
The structure centers on the creation of Ziggo Group, which will hold Liberty Global’s interests in both VodafoneZiggo and Telenet. VodafoneZiggo and Telenet will continue to operate under their existing brands and management teams, preserving their distinct market positions while benefiting from shared strategic oversight. The transaction follows Liberty Global’s earlier acquisition of Vodafone’s 50% stake in VodafoneZiggo for €1.0 billion in cash and a 10% equity interest in Ziggo Group, a deal announced in February 2026.
**The strategic rationale hinges on unlocking shareholder value through operational synergies and a more focused capital structure.** Liberty Global said the combination would enable the new entity to invest in next-generation products, enhance digital customer experiences, and respond more swiftly to market demands. Mike Fries, Liberty Global’s Chairman and CEO, framed the deal as a decisive step toward crystallizing value in the Benelux telecom portfolio. “The creation of Ziggo Group is a clear step towards unlocking the value in our Benelux telecoms business for shareholders,” Fries said. “Stephen’s pan-European leadership experience and track record of operational transformation, combined with Jany’s financial expertise and experience from the Sunrise listing, give us the right team to deliver this. Together, they will lead two highly complementary businesses, and we see significant opportunities in what these two strong brands can achieve together”.
**VodafoneZiggo and Telenet bring complementary strengths to the combined entity.** VodafoneZiggo, a 50-50 joint venture between Liberty Global and Vodafone until the February 2026 stake acquisition, serves as the Netherlands’ largest cable operator, with a robust fixed-mobile convergence (FMC) portfolio and a nationwide fiber network. Telenet, meanwhile, operates as Belgium’s leading cable and mobile provider, with a strong foothold in both consumer and business segments. Both companies have faced competitive pressures in recent quarters, with VodafoneZiggo revising its 2025 guidance to prioritize long-term growth through network upgrades and customer retention initiatives. Telenet, for its part, has seen improving commercial momentum, including its best broadband performance in over a decade and the successful rollout of its BASE FMC proposition.
**The deal mirrors Liberty Global’s broader strategy of consolidating regional assets to drive scale and efficiency.** In February 2026, Liberty Global announced its plan to acquire Vodafone’s stake in VodafoneZiggo, a transaction that laid the groundwork for the current combination with Telenet. That deal was positioned as a means to create a “regional telecommunications powerhouse” in the Benelux, with projected synergies and incremental services valued at €1 billion in net present value. The February transaction also included long-term service agreements to ensure operational stability during the transition. The Ziggo Group combination extends this logic, aiming to deliver a more compelling equity story through a local listing and a spin-off of 90% of shares to Liberty Global’s shareholders.
**Regulatory and shareholder approvals will shape the deal’s timeline.** Liberty Global expects to complete the combination in 2027, subject to customary closing conditions, including shareholder consent for the planned spin-off. The company has not disclosed specific synergy targets or accretion expectations but has emphasized the deal’s potential to accelerate deleveraging and mid-term adjusted EBITDA growth. Integration efforts will focus on maintaining the operational independence of VodafoneZiggo and Telenet while leveraging shared infrastructure and strategic initiatives to drive long-term value.