• Liberty Global agreed to sell VodafoneZiggo's Dutch tower assets for €669 million
  • The assets will join Belgium Tower Partners in a platform with more than 6,600 sites

The fact

Liberty Global has agreed to sell VodafoneZiggo's passive mobile tower infrastructure in the Netherlands for €669 million. The buyer will be an entity owned by funds managed by DigitalBridge, L&G and TD Asset Management. The transaction values the Dutch tower assets at 16.2 times their 2025 EBITDA and remains subject to regulatory approval and consultation with VodafoneZiggo's works council.

DigitalBridge plans to combine the acquired business with Belgium Tower Partners, its existing tower platform in Belgium. The combined business would operate more than 6,600 sites across Belgium and the Netherlands, with VodafoneZiggo and Telenet among its main customers. VodafoneZiggo will retain control of its active mobile equipment, spectrum, network strategy and service quality after the passive infrastructure is sold.

Liberty Global said the €669 million proceeds will be used to reduce debt across Ziggo Group, which holds its interests in VodafoneZiggo and Telenet. The company is targeting €1.2 billion to €1.4 billion of non-core asset sales as it prepares to list Ziggo Group in Amsterdam in mid-2027. DigitalBridge expects the tower transaction to close in early 2027, subject to the remaining approvals.

The assessment

The sale changes who owns the physical sites supporting part of VodafoneZiggo's mobile network, without transferring control of the network itself. VodafoneZiggo will continue managing its spectrum and active equipment, but it will depend on the new tower company for the passive infrastructure underneath them. That separates network operation from ownership of the towers and rooftops where equipment is installed.

For VodafoneZiggo, that means future network changes will involve another infrastructure owner. Adding equipment, modifying sites or expanding coverage may require coordination with the tower company even though VodafoneZiggo remains responsible for the mobile service customers receive. The buyer, meanwhile, gains VodafoneZiggo as an anchor customer and can combine the Dutch assets with its existing Belgian tower portfolio.

For BTW readers, the important change is therefore not simply the €669 million sale price. VodafoneZiggo is exchanging ownership of passive infrastructure for cash that Ziggo Group plans to use to reduce debt, while keeping responsibility for the network that runs on those sites. The next test is whether that ownership split supports network investment without adding friction when VodafoneZiggo needs to upgrade or expand individual locations.

What to watch

Watch for regulatory clearance and completion in early 2027, followed by details of the agreements between VodafoneZiggo and the new tower company. Site upgrades, tenancy growth and further Ziggo Group asset sales will show how the transaction affects both network operations and the group's debt-reduction plan.