Investment Associate

DigitalBridge, L&G and TDAM acquire VodafoneZiggo Towers to build European platform. September 8, 2026 DigitalBridge, L&G and TD Asset Management have agreed to acquire VodafoneZiggo's passive mobile tower infrastructure in the Netherlands and combine it with Belgium Tower Partners, creating an independent digital infrastructure platform with more than 6,600 sites across Belgium and the Netherlands. The VodafoneZiggo tower business will be acquired from Ziggo BV, a subsidiary of Ziggo Group, by DigitalBridge Strategic Asset Fund, L&G's Digital Infrastructure Fund and TD Greystone Infrastructure Fund. Financial terms were not disclosed. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in early 2027. Following completion, VodafoneZiggo Towers will be combined with Belgium Tower Partners, DigitalBridge's existing Belgian tower platform. The combined company will have a diversified customer base anchored by VodafoneZiggo in the Netherlands and Telenet in Belgium, along with other mobile network operators. The deal gives the investors greater scale across two established Western European telecommunications markets while creating a larger neutral-host tower business. The platform is expected to support mobile operators as they continue deploying 5G, densifying networks and expanding coverage and capacity. "The combination of VodafoneZiggo Towers and BTP represents an opportunity to create a scaled, high-quality tower platform across two attractive European markets," DigitalBridge CEO Marc Ganzi said. Ganzi said the platform's anchor customers, diversified portfolio and cross-border footprint position it to support the continued development of mobile networks in Belgium and the Netherlands. Belgium Tower Partners currently owns, manages and operates more than 3,600 sites across Belgium, including towers, rooftops and other macro sites. Adding VodafoneZiggo's Dutch infrastructure will expand the portfolio to more than 6,600 locations, implying the acquired VodafoneZiggo business contributes roughly 3,000 sites. For L&G, the transaction represents the fourth investment by its Digital Infrastructure Fund and its first acquisition in the tower sector. The fund targets digital infrastructure investments across the UK and Europe and has now completed two European investments. "This investment strengthens our continental footprint and delivers on our ambition to deliver both positive societal impact and long-term value for our investors," said Matteo Colombo, head of Digital Infrastructure Investments at L&G Asset Management. The transaction also contributes to L&G's broader plan to grow its private markets platform to £85 billion by 2028. L&G manages £1.2 trillion in assets, with approximately 44% of that total invested internationally as of the first half of 2026. TD Asset Management is participating through the TD Greystone Infrastructure Fund, an open-ended global infrastructure vehicle with more than C$4.7 billion in assets under management. The fund has operated for more than 12 years and invests across infrastructure sectors including energy transition, transportation, ports, utilities, renewable energy and power generation. Jeffrey Mouland, managing director and head of Global Infrastructure at TD Asset Management, said the investment adds diversification to the fund while increasing its exposure to essential European digital infrastructure. TD Asset Management manages more than C$571 billion and is part of TD Bank Group. The transaction comes as telecom operators continue separating passive infrastructure such as towers from their core network and service businesses, creating independent platforms that can serve multiple carriers from the same sites. For infrastructure investors, the model provides exposure to long-term demand for mobile connectivity while allowing tower operators to add tenants and support network expansion without duplicating physical infrastructure. VodafoneZiggo provides fixed, mobile and integrated communications services in the Netherlands through Vodafone, Ziggo and hollandsnieuwe, connecting nearly 10 million consumer and business customers. The company employs more than 6,500 people. VodafoneZiggo is part of Ziggo Group, the Benelux organization that also includes Telenet's operations in Belgium and Luxembourg. Ziggo Group is owned 90% by Liberty Global and 10% by Vodafone Group, with a planned Amsterdam listing scheduled for 2027. DigitalBridge specializes in digital infrastructure investments across cell towers, data centers, fiber, small cells and edge infrastructure. Combining its existing Belgian tower business with VodafoneZiggo's Dutch portfolio expands that strategy into a larger cross-border platform positioned around continued investment in European mobile network infrastructure.

DigitalBridge Group, a global alternative asset manager focused on digital infrastructure, has opened a Tokyo office led by Soichiro Suda, who joined as managing director in January 2026. The move strengthens the firm's presence in Japan, where it has built a diversified portfolio spanning data centres, towers, and connectivity infrastructure. In June 2026, DigitalBridge announced the formation of Nippon Gateway Infrastructure, an enterprise-focused data centre platform established with JEXI and anchored by facilities acquired from NEC Corporation. The firm's Japan portfolio also includes JTOWER, an independent telecommunications infrastructure company, and Vantage Data Centers. Suda brings over 30 years of experience across energy, infrastructure advisory, and asset management. He previously served as chief investment officer at Japan Extensive Infrastructure and spent seven years as managing director at Macquarie Asset Management.