Vodafone Group (VOD)


Vodafone and Liberty Global complete Dutch JV

Vodafone and Liberty Global have completed their Dutch joint venture, creating a fully-converged national communications operator.

The 50:50 joint venture is called VodafoneZiggo Group Holding BV.

"Combining Ziggo's fibre-rich broadband network with Vodafone's market-leading mobile operation creates a stronger converged competitor in the Dutch market, delivering significant benefits for consumers, businesses and the public sector through investment in digital infrastructure and customer experience," the company said in a statement.

VodafoneZiggo has combined revenue of over €4bn with 10m fixed and 5m mobile Revenue Generating Units (RGUs), and the fastest-growing B2B business in the market.

Following the divestment of Vodafone's consumer fixed business "Vodafone Thuis", the estimated net present value of total synergies for the transaction remains around €3.5bn.

After the recapitalisation of VodafoneZiggo and after taking into account the €0.8bn equalisation payment by Vodafone, Liberty Global will receive €2.2bn and Vodafone will receive €0.6bn in cash payments post-closing.