Vodafone offloads stake in Dutch JV for €1B
Vodafone Group has agreed to sell its 50 per cent stake in Dutch fixed and mobile operator VodafoneZiggo to joint venture partner Liberty Global for €1 billion. As part of the transaction, Vodafone will retain a minority interest in a newly formed holding company.
Vodafone will hold a 10 per cent stake in the proposed entity, Ziggo Group, which will own 100 per cent of VodafoneZiggo and Liberty Global’s Belgian subsidiary, Telenet.
Liberty Global plans to spin off 90 per cent of Ziggo Group to its existing shareholders via an Amsterdam stock exchange listing in 2027. Vodafone will also have the option to sell its remaining 10 per cent stake to a third party if the spin-off does not take place within 18 months of the transaction’s completion.
Under the agreement, Vodafone will continue to provide certain services to VodafoneZiggo, including brand licensing, with expected charges totaling €625 million over the next ten years.
The transaction remains subject to regulatory approvals and is expected to close in the second half of 2026.
Commenting on the deal, Vodafone CEO Margherita Della Valle described the sale as an “attractive valuation” and highlighted the potential for future value creation through Vodafone’s minority stake in Ziggo Group, which she said would operate at “greater scale.”
The deal brings to an end nearly a decade-long joint venture between Vodafone and Liberty Global, which was established in 2017 with the creation of VodafoneZiggo.
Vodafone has been actively reshaping its portfolio in recent years, including divestments in Spain and Italy, as well as the merger of its UK operations with those of CK Hutchison.
