Liberty Global (LBTYA) Company Report

On February 18, 2026, Liberty Global Holding B.V., a subsidiary of Liberty Global Ltd., agreed to acquire the remaining 50% stake in VodafoneZiggo Group Holding B.V., which will result in 100% ownership of VodafoneZiggo upon completion.
The consideration for the VodafoneZiggo acquisition is €1.0 billion in cash and 10% of the fully diluted share capital of Liberty Global Holding B.V. in Class B ordinary shares.
On February 20, 2026, Telenet BV, an indirect subsidiary, amended its Credit Agreement to incorporate sustainability adjustments and bifurcate its Revolving Facility into Revolving Facility A (€30,000,000 commitment, maturity May 31, 2029) and Revolving Facility B (€550,000,000 commitment, maturity May 31, 2032).

4 days ago

8-K

Liberty Global to Acquire Vodafone's Stake in VodafoneZiggo and Form New Ziggo Group

LBTYA

M&A

New Projects/Investments

Guidance Update

Liberty Global has agreed to acquire Vodafone's 50% stake in VodafoneZiggo for €1.0 billion in cash and a 10% equity interest in the new Ziggo Group.
The newly formed Ziggo Group will consolidate Liberty Global's interests in VodafoneZiggo and Telenet, creating a regional telecommunications entity in Benelux.
Liberty Global intends to list the Ziggo Group on Euronext Amsterdam in 2027 and spin off its 90% interest to Liberty Global shareholders.
The transaction is projected to deliver €1.0 billion in Net Present Value (NPV) from synergies and incremental services, with the Ziggo Group targeting €500 million in free cash flow by 2028 and a leverage of 4.5x by 2028.
The acquisition is expected to close in the second half of 2026, pending regulatory approvals.

Feb 18, 2026, 10:27 PM

8-K

Liberty Global Announces Strategic Acquisitions, Spin-Off Plans, and Q4 2025 Results

LBTYA

M&A

New Projects/Investments

Guidance Update

Liberty Global announced two significant transactions: the acquisition of Vodafone's 50% stake in VodafoneZiggo for EUR 1 billion cash plus a 10% equity interest in the new Ziggo Group, and Nexfibre's acquisition of Substantial Group (Netomnia fiber network and 500,000 broadband customers) for a total enterprise value of GBP 2 billion.
The company intends to list Ziggo on the Euronext exchange in 2027 and spin off its 90% interest to Liberty Global shareholders; the combined Dutch and Belgian operations (Ziggo Group) are projected to generate EUR 6.6 billion in revenue and over EUR 2.5 billion of EBITDA, targeting EUR 500 million of free cash flow by 2028.
For Q4 2025, Virgin Media O2 reported a revenue decline of 5.9% and Adjusted EBITDA decline of 2.4%, while VodafoneZiggo saw a revenue decline of 2.3% and Adjusted EBITDA decline of 3.4%.
Liberty Global ended 2025 with a consolidated cash balance of $2.2 billion, with a target of approximately $1.5 billion by the end of 2026, and provided 2026 guidance for Virgin Media O2 expecting a 3%-5% decline in both total service revenues and Adjusted EBITDA.

Feb 18, 2026, 2:00 PM

Transcript

Liberty Global Announces Strategic Acquisitions, Planned Spin-Off, and Q4 2025 Results

LBTYA

M&A

New Projects/Investments

Guidance Update

Liberty Global announced the acquisition of Vodafone's 50% stake in VodafoneZiggo for EUR 1 billion in cash and a 10% equity interest in a new entity, Ziggo Group. The company intends to list Ziggo Group on the Euronext exchange in 2027 and spin off its 90% interest to shareholders.
Separately, its fiber joint venture, nexfibre, will acquire Substantial Group (Netomnia fiber network and 500,000 broadband customers) for a total enterprise value of GBP 2 billion, which will expand the platform to 8 million fiber homes by 2027. Liberty Global will contribute GBP 75 million in cash to this deal.
For Q4 2025, all three major operating companies (VMO2, VodafoneZiggo, Telenet) met their full-year guidance targets. Liberty Services and Corporate significantly reduced its net corporate spend by 75% in the last twelve months, closing 2025 with -$130 million adjusted EBITDA, outperforming the -$150 million target.
The company expects to end 2026 with $1.5 billion of cash pro forma for announced transactions. 2026 guidance for VodafoneZiggo includes a stable to low single-digit revenue decline and mid to high single-digit adjusted EBITDA decline due to EUR 100 million incremental investment in network resilience, with no shareholder distributions planned.

Feb 18, 2026, 2:00 PM

Transcript

Liberty Global Announces Strategic Transactions, Q4 2025 Results, and Future Spin-off Plans

LBTYA

M&A

Guidance Update

New Projects/Investments

Liberty Global announced two significant transactions: the acquisition of Vodafone's interest in the Netherlands and the nexfibre acquisition of Substantial Group in the UK for a total enterprise value of GBP 2 billion, aiming to create the second largest fiber network in the UK by 2027.
The company plans to list Ziggo on Euronext in 2027 and simultaneously spin off its 90% interest to Liberty Global shareholders, with the combined Holland and Belgium operations projected to generate EUR 500 million of free cash flow by 2028.
For Q4 2025, key operating companies experienced revenue declines, with VMO2 revenue down 5.9% and Adjusted EBITDA down 2.4% on a reported basis, while VodafoneZiggo revenue declined 2.3% and Adjusted EBITDA declined 3.4%. Despite this, all three large operating companies met their 2025 guidance targets.
Liberty Global significantly reduced its net corporate spend by 75% over the last twelve months, with Liberty Services and Corporate closing 2025 ahead of guidance at -$130 million of adjusted EBITDA. The company also proactively refinanced close to $15 billion across its credit silos.
The fair market value of the Liberty Growth portfolio remained stable at $3.4 billion in Q4 2025, and the company expects to end the year with $1.5 billion of cash pro forma for announced transactions and expected asset sales.

Feb 18, 2026, 2:00 PM

Transcript

Liberty Global Ltd. Announces Q4 2025 Results and Strategic Transactions

LBTYA

Earnings

M&A

New Projects/Investments

Liberty Global Ltd. announced its Q4 2025 financial results, with CEO Mike Fries highlighting continued execution to drive commercial momentum and unlock shareholder value.
The company's telecom operations, including VMO2, VodafoneZiggo, and Telenet, delivered all full-year 2025 guidance metrics, demonstrating growing commercial progress.
Liberty Global closed 2025 with a strong corporate cash position of $2.2 billion and generated approximately $400 million from non-core asset disposals through its Liberty Growth portfolio.
In significant strategic moves, Liberty Global, with partners, agreed to acquire Substantial Group for £2 billion through nexfibre, unlocking £3.5 billion in UK investment. Additionally, Liberty Global will acquire Vodafone's 50% stake in VodafoneZiggo for €1.0 billion in cash and a 10% equity interest in the new Ziggo Group, with plans for a 2027 listing.

Feb 18, 2026, 1:44 PM

8-K

Liberty Global to acquire VodafoneZiggo stake

LBTYA

M&A

New Projects/Investments

Takeover Bid

Liberty Global has agreed to purchase Vodafone's 50% interest in VodafoneZiggo for €1.0 billion in cash.
As part of the deal, Vodafone will receive a 10% stake in a newly formed Ziggo Group, which will own 100% of VodafoneZiggo and Liberty Global’s Belgian unit Telenet.
Liberty Global intends to retain 90% of Ziggo Group and plans to spin off that stake to existing shareholders with a listing on Euronext Amsterdam in 2027.
The transaction values VodafoneZiggo at approximately 7.1x EV/CY2025 adjusted EBITDA and 14.2x EV/CY2025 operating free cash flow.
The deal is subject to regulatory approvals and is anticipated to be completed in the second half of 2026.

Feb 18, 2026, 1:12 PM

Bloomberg

Liberty Global to acquire Vodafone's stake in VodafoneZiggo and form Ziggo Group

LBTYA

M&A

New Projects/Investments

Takeover Bid

Liberty Global will acquire Vodafone’s 50% stake in VodafoneZiggo for €1.0 billion in cash and a 10% equity interest in a new company named Ziggo Group.
The new Ziggo Group will consolidate Liberty Global’s interests in VodafoneZiggo and Telenet, with plans to list in Amsterdam during 2027 and spin off 90% of its shares to Liberty Global shareholders.
The transaction is expected to generate synergies with a combined NPV of €1 billion and targets combined Adjusted Free Cash Flow of ~€500 million by 2028E.
The acquisition is anticipated to close in the second half of 2026, pending regulatory approvals.

Feb 18, 2026, 1:00 PM

Press Release

Liberty Global's Joint Venture nexfibre Acquires Substantial Group

LBTYA

M&A

New Projects/Investments

InfraVia, Liberty Global, and Telefónica, through their joint venture nexfibre, are acquiring Substantial Group for an Enterprise Value of £2 billion, a transaction expected to unlock £3.5 billion in international investment in the UK market.
Liberty Global and Telefónica are jointly contributing £150 million as part of £1 billion in new net funding for nexfibre to finance the acquisition.
Virgin Media O2, co-owned by Liberty Global, will acquire Substantial Group's retail business for £150 million and receive approximately £1.1 billion in cash along with an indirect 15% stake in nexfibre.
The acquisition aims to create a scaled fibre challenger to BT Openreach, with a full fibre footprint of approximately 8 million premises by the end of 2027, and is expected to close by Q3 2026.

Feb 18, 2026, 1:00 PM

Press Release

Liberty Global and Google Cloud Announce Five-Year Strategic AI Partnership

LBTYA

New Projects/Investments

Product Launch

Revenue Acceleration/Inflection

Liberty Global and Google Cloud announced a five-year strategic partnership on February 3, 2026, to accelerate Liberty Global's digital transformation and embed AI across its European operations.
The collaboration will integrate Google's Gemini models into Liberty Global's services, enhancing customer experiences for its approximately 80 million European connections, and explore offering Google products like Pixel phones and smart home devices.
The partnership aims to improve network scalability, security, and operational efficiencies through AI-first programs and autonomous network operations.
It also seeks to unlock new revenue growth through B2B and smart home solutions, data monetization, and go-to-market initiatives in the SME market for cloud, cybersecurity, and AI services.