New York, Feb 19, 2026, 09:19 EST — Premarket
- Liberty Global shares showed barely any movement premarket, following Wednesday’s sharp rally.
- The company is set to acquire Vodafone’s 50% stake in VodafoneZiggo, paying €1 billion in cash along with new Ziggo Group equity.
- Regulatory approvals and upcoming filings for the planned 2027 Amsterdam listing and spin remain in focus for investors.
Liberty Global Class A barely budged ahead of the bell Thursday, holding near $13.03. The previous session saw the stock surge roughly 17%. 1
Liberty Global struck a deal to acquire Vodafone’s 50% stake in VodafoneZiggo, taking full control of the Dutch joint venture and planning to launch a new Benelux holding company. 2
Why is this on the radar: Liberty’s aiming to break up its mixed bag of European cable and mobile holdings into cleaner, trade-ready units, complete with an exit to public markets built into the plan. When a U.S.-listed group offers up a local Amsterdam listing and a spin for shareholders, event-driven capital usually doesn’t wait around. 3
Vodafone is set to take in €1.0 billion in cash and hold a 10% slice of the newly formed “Ziggo Group,” according to deal terms. Liberty, for its part, plans to spin out its 90% share and float the company in Amsterdam come 2027, pending regulatory greenlights. Vodafone’s side of the agreement also covers services like brand licensing, pegged at €625 million over a decade. If the spin-off falls through within 18 months after close, Vodafone has the option to offload its 10% stake to a third party. 4
Liberty Global chairman and CEO Mike Fries described the deal as “a significant milestone,” adding that it aligns with the company’s focus on “unlocking long-term value for shareholders.” 5
VodafoneZiggo, in its latest update, noted stronger commercial momentum but warned that stepped-up investments in network resilience and cybersecurity are set to drag on both earnings and capital expenditures in 2026. 6
Liberty is framing the deal as a fixed-mobile convergence move, touting bundles of broadband and mobile plus added services. The company estimates the combined net present value of synergies and extras at around €1 billion. Management has also floated a target for adjusted free cash flow, eyeing approximately €500 million by 2028. (Net present value refers to the discounted current worth of future cash flows.) 7
Liberty says the deal should wrap up in the back half of 2026, pending a regulatory green light. VodafoneZiggo and Telenet aren’t set for a brand or financing shakeup—they’ll keep things as they are. 8
Liberty announced the deal alongside its fourth-quarter numbers, showing revenue at $3.40 billion and adjusted EBITDA of $1.17 billion. That adjusted EBITDA figure—earnings before interest, tax, depreciation and amortization—leaves out certain items the company says could obscure the core run-rate. 9
VodafoneZiggo has staked out its ground for years as the main rival to KPN in the Netherlands. Across the border in Belgium, Telenet operates in a saturated field. Liberty’s move: consolidate these Benelux businesses, aim for a local listing, and tap into a different investor base than what its current U.S.-listed vehicle attracts. 10
The plan isn’t set in stone. Regulators might push back the schedule or insist on fixes, and those loftier cash-flow goals hinge on making it work in two tough markets—places where pricing can turn and capital requirements swing fast.
Traders are zeroed in on any early details about financing, regulatory timelines, or extra disclosures linked to the upcoming shareholder vote and listing process for Thursday’s session and the days to come. Liberty is aiming for a Ziggo Group listing in 2027, with the deal set to close in the latter half of 2026. 11
