VodafoneZiggo Towers acquired by DIGITALBRIDGE / Greystone / LEGAL & GENERAL L&G

Structured as a strategic carve-out separating the passive infrastructure from the broader VodafoneZiggo telecommunications group, this transaction officially transfers the mobile towers to the newly formed consortium managed by DigitalBridge, TD Greystone Infrastructure, and L&G. The definitive divestiture agreement orchestrates the complete offloading of the physical tower assets while ensuring that the Dutch seller retains full and uncompromised control over its active network equipment, its proprietary spectrum, and its overarching network strategy. The primary strategic rationale driving this massive infrastructure separation is to generate substantial liquidity to systematically reduce the overall debt position across the Ziggo Group. This deliberate deleveraging maneuver is explicitly designed to simplify the corporate structure and enhance financial flexibility in direct preparation for the planned public listing of the Ziggo Group on the Amsterdam stock exchange, which is officially targeted for the middle of 2027. By systematically transferring the physical infrastructure to a specialized third-party platform, both operational entities are structurally freed to focus entirely on their respective core competencies. The incoming consortium assumes the responsibility of managing and optimizing the tower real estate, while the selling operator concentrates its internal resources on continuous technological innovation and the delivery of superior network connectivity to its customer base. To absolutely safeguard the continuity of the telecommunications services, the execution of this transaction includes the simultaneous implementation of long-term access agreements. These contractual arrangements permanently secure the seller's right to utilize the existing sites while establishing a highly predictable framework for future build-to-suit construction projects. The divestiture is publicly supported by the executive leadership of Liberty Global, which views the transaction as a critical step in establishing a much stronger financial platform for long-term growth across the Benelux region. The definitive transfer of these infrastructure assets remains strictly subject to customary competition clearance from the relevant regulatory authorities and the mandatory consultation process with the seller's internal Works Council. Barring any unforeseen regulatory delays, the complete transfer of ownership and the finalization of the infrastructure separation are expected to be officially concluded by the end of the 2026 calendar year, permanently reshaping the ownership dynamics of the regional telecommunications market.