Vodafone sells its Dutch phone stake, Ziggo heading for an IPO
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Add as a favourite source on Google Add DutchNews as a favourite source on GoogleBritish telecoms company Vodafone is selling its 50% stake in Dutch unit VodafoneZiggo to its US alliance partner Liberty Global in a €1 billion cash deal, the company said on Wednesday.
Liberty Global will transfer its assets in the Benelux (VodafoneZiggo and Belgium’s Telenet) to a new holding company, Ziggo Group in which Vodafone will have a 10% stake.
Liberty Global then intends to list the new company on the Amsterdam stock exchange in 2027 by spinning off 90% of the shares to Liberty Global shareholders.
The transaction “provides additional stability and long-term commitment to VodafoneZiggo”, company chief executive Stephen van Rooyen said.
“By combining these assets, we are creating a regional powerhouse comprised of two converged national champions operating in rational markets,” LibertyGlobal chairman Mike Vries said in a press statement.
The VodafoneZiggo alliance was formed in 2016. It now has some 5.6 mobile customers and three million internet subscribers.
Last year the company shed 400 jobs in a reorganisation after losing more than 40,000 customers in the first quarter of the year, news website Nu.nl reported.
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