Liberty Global, Vodafone Complete Dutch JV

Liberty Global said it has completed its Dutch joint venture with European wireless company Vodafone Group.

Liberty Global first announced the deal in February. The transaction, a 50-50 joint venture valued at $29.2 billion, combines Vodafone’s wireless communications assets in the country with LGI’s video, broadband and business services.

 The JV will operate under both the Vodafone and Ziggo brands and will create a nationwide integrated communications provider with over 15 million revenue generating units – 4.2 million video, 3.2 million broadband, 2.6 million fixed line telephony and 5.3 million mobile customers.

“Vodafone/Ziggo will be the most innovative provider of converged communications services in the Netherlands with a full suite of market-leading TV, broadband, fixed-line and mobile products on day one of the JV,” Liberty Global CEP Mike Fries said in a statement. “We are also excited for our shareholders. This is a highly accretive transaction with significant synergies and a predictable dividend stream.”

For the 12 months ended Sept. 30, Liberty Global predicted the JV would have generated more than 4 billion euros ($5 billion) in revenue.

“Today marks the creation of a strong integrated communications provider in the Netherlands, combining the complementary skills and experience of Vodafone and Liberty to bring a range of benefits to consumers, enterprises and the public sector,” Vodafone Group CEO Vittorio Colao said in a statement. “The merged operation will be a stronger competitor in the Netherlands - one of our core European markets - and is a further example of Vodafone’s ability to create value for its customers and shareholders through an effective market-by-market convergence strategy.”