Ziggo - comment

The EU Commission has cleared the sale of VodafoneZiggo’s passive towers to DigitalBridge, TD Greystone and L&G for EUR 669m, with closing still expected by year-end. That is roughly half of Liberty Global’s EUR 1.2-1.4bn non-core disposal target, and management has confirmed the proceeds go to de-leveraging at VodafoneZiggo ahead of the mid-2027 Ziggo Group spin-off in Amsterdam. Clearance removes a deal risk, and the cash pays down debt. The softer spot remains operating performance: 2Q26 adjusted EBITDA fell 7.6% YoY to EUR 404.5m. Management’s comments on 3Q (best broadband net adds since 2019 and overall revenue growth) are therefore encouraging, and the DOCSIS 4 upgrade, completed in 18 months, avoids heavy capex. We stay enthused into the 3Q26 results on 3 November. Evidence that the commercial momentum is reaching EBITDA would support the de-leveraging story.