Liberty Global

News Summary:

On February 20, 2026, Liberty Global, in conjunction with InfraVia Capital Partners and Telefónica, agreed to acquire Substantial Group, the parent company of U.K. wholesale full fiber operator Netomnia, for approximately $2.7 billion through their joint venture company Nexfibre. The selling shareholders include DigitalBridge, Advencap, and Soho Square Capital. Previously, on February 19, Vodafone Group PLC sold its 50% interest in VodafoneZiggo Group Holding B.V., a transaction that included EUR 1 billion in cash and a 10% shareholding in a newly formed Benelux entity, Ziggo Group, which will hold 100% of both VodafoneZiggo and Liberty Global’s Belgian subsidiary Telenet Group Holding N.V. Liberty Global is acquiring Vodafone's stake in VodafoneZiggo, planning to list Ziggo Group locally on Euronext in Amsterdam in 2027 and spin off its 90% holding to shareholders to unlock value from its Benelux operating businesses. Liberty Global and Vodafone Group have also entered into long-term service agreements for VodafoneZiggo. Earlier the same day, Liberty Global’s Q4 2025 investor call highlighted 2025 achievements, including driving commercial momentum, reshaping its operating model, achieving significant corporate savings, executing FTTH and 5G upgrade plans, undertaking a 5% share buyback, and executing non-core VMO2 & VZ disposals. The company targets to significantly replenish corporate cash through 2026.