Liberty Global has agreed to sell telecom towers owned by its Dutch mobile operator Vodafone Ziggo in a roughly €670mn deal, helping reduce debt ahead of a potential listing next year. The towers are being acquired by a consortium led by Digital Bridge, including TD Greystone Infrastructure and L&G. The deal, expected to be announced as soon as Tuesday, is part of Liberty’s preparations for the listing of “Ziggo Group” — which also owns Belgian operator Telenet — in the second half of 2027.

The tower sale will help Ziggo Group reduce its net debt toward a target of 4.5 times EBITDA by 2028, down from around 5.5 times currently, according to New Street Research. The company is targeting asset sales of between €1.2bn and €1.4bn as part of its debt reduction plan, including property assets across Belgium and the Netherlands.

James Ratzer, analyst at New Street Research, said reducing debt levels is critical for the upcoming Ziggo spin to succeed. “This is a good first step, but we now need to see other asset disposals follow.” Vodafone Ziggo was previously owned 50/50 by Liberty and Vodafone, but was merged into the Ziggo Group last month, with the US group taking a 90% stake. US-listed Digital Bridge is rebalancing its portfolio away from data centers toward lower-risk telecoms towers.