Liberty Global to acquire Vodafone's 50% stake in VodafoneZiggo; plans Ziggo Group spin-off in 2027

Liberty Global Ltd.

Acquires Vodafone's 50% stake in VodafoneZiggo for €1.0B cash + 10% equity in new Ziggo Group.
Ziggo Group will own 100% of VodafoneZiggo and Telenet; combined 7M mobile, 5M fixed subs, €6.6B revenue.
Synergies and incremental services expected to deliver NPV of €1.0B (net of integration costs).
Plans to list Ziggo Group on Euronext Amsterdam in 2027 and spin off 90% of shares to Liberty Global shareholders.
Targets combined Adj FCF of ~€500M by 2028E and deleveraging to ~4.5x; Wyre stake sale process underway.

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