REG - Vodafone Group Plc - Vodafone sells stake in VodafoneZiggo

VodafoneAnnouncement

18/02/2026 13:00

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RNS Number : 5444T  Vodafone Group Plc  18 February 2026

18 FEBRUARY 2026 | LONDON, UK

Vodafone sells stake in VodafoneZiggo to Liberty Global

·    Vodafone has agreed to sell its 50% stake for €1.0 billion in cash
and a 10% stake in the new Ziggo Group, which will own 100% of VodafoneZiggo
and Telenet

·    Potential for further value creation through the planned spin-off of
shares to Liberty Global's shareholders and the listing of Ziggo Group in
Amsterdam in 2027

·    Vodafone will provide certain services, including brand licensing, to
VodafoneZiggo for a total of €625 million over the next 10 years

 

Vodafone Group Plc ("Vodafone") announces that it has agreed to sell its 50%
interest in VodafoneZiggo Group Holding B.V. ("VodafoneZiggo") to Liberty
Global plc ("Liberty Global") for €1.0 billion in cash and a 10%
shareholding in a soon-to-be-formed Benelux entity ("Ziggo Group"), which will
own 100% of both VodafoneZiggo and Liberty Global's Belgian subsidiary,
Telenet Group Holding ("Telenet")(1), (the "Transaction").

The cash consideration of €1.0 billion values VodafoneZiggo at 7.1x EV /
CY2025 Adjusted EBITDA and 14.2x EV / CY2025 OpFCF(2).

Liberty Global's intention 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 not occur within 18 months after completion.

Liberty Global expects Ziggo Group will benefit from financial and operational
synergies.

Vodafone and Liberty Global have also agreed that Vodafone will continue to
provide certain services, including brand licensing, to VodafoneZiggo (the
"Group Services") with expected charges of €625 million over the next 10
years.

Margherita Della Valle, Chief Executive 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."

The Transaction is subject to the receipt of customary approvals and
regulatory clearances and is expected to complete in the second half of 2026.

 ENDS 

Contact details

 Media Relations:                                                 Investor Relations:

 Vodafone.com/media/contact (http://vodafone.com/media/contact)   i (https://investors.vodafone.com) nvestors.vodafone.com

                                                                (https://investors.vodafone.com)
 GroupMedia@vodafone.com (mailto:GroupMedia@vodafone.com)

                                                                ir@vodafone.co.uk (mailto:ir@vodafone.co.uk)

 Registered Office: Vodafone House, The Connection, Newbury, Berkshire  RG14
 2FN, England. Registered in England No. 1833679

 

 

Footnotes

1.   Excluding the economic benefit of 50% of Telenet's shareholding in the
fibre-to-the-home network infrastructure vehicle Wyre B.V., which will be
retained by Liberty Global.

2.   Valuation multiples reflect the below values for VodafoneZiggo for the
12-month period ending 31 December 2025.

 Adjusted EBITDA*         €1.75bn
 Capex                    €0.87bn
 Adjusted OpFCF**         €0.88bn
 Enterprise Value ("EV")  €12.43bn

 Net Debt                 €10.43bn
 EV / Adjusted EBITDA      7.1x
 EV / Adjusted OpFCF       14.2x

*Adjusted EBITDA, as defined by VodafoneZiggo, is defined as net earnings
(loss) before net income tax benefit (expense), other non-operating income or
expenses, net gains (losses) on debt extinguishment, net foreign currency
transaction gains (losses), net gains (losses) on derivative instruments, net
interest expense, depreciation and amortization, share-based compensation,
provisions and provision releases related to significant litigation and
impairment, restructuring and other operating items. Other operating items
include (i) gains and losses on the disposition of long-lived assets, (ii)
third-party costs directly associated with successful and unsuccessful
acquisitions and dispositions, including legal, advisory and due diligence
fees, as applicable, and (iii) other acquisition-related items, such as gains
and losses on the settlement of contingent consideration.

**Adjusted OpFCF is defined as Adjusted EBITDA less P&E additions. P&E
Additions is defined by VodafoneZiggo as including capital expenditures on an
accrual basis, amounts financed under vendor financing or finance lease
arrangements and other non-cash additions.

About VodafoneZiggo

VodafoneZiggo is a leading telecoms operator in the Netherlands, providing
mobile and fixed line services to both consumer and business customers.

About Vodafone Group
everyone.connected

Vodafone is a leading European and African telecoms company.

We serve over 360 million mobile and broadband customers, operating networks
in 15 countries with investments in a further five and partners in over 40
more. We have capacity on more than 70 subsea cable systems - the backbone of
the internet - and we are developing a new direct-to-mobile satellite
communications service to connect areas without coverage. Vodafone runs one of
the world's largest IoT platforms, with over 230 million connections globally,
and we provide financial services to around 94 million customers across seven
African countries - managing more transactions than any other provider.

From the seabed to the stars, Vodafone's purpose is to keep everyone
connected.

For more information, please visit www.vodafone.com
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