L&G fund makes first towers acquisition in €669m VodafoneZiggo deal

Legal & General’s Digital Infrastructure Fund (LDIF) has joined DigitalBridge Strategic Asset Fund and TD Greystone Infrastructure Fund in a conditional agreement, announced on 8 September, to buy VodafoneZiggo’s Dutch passive mobile infrastructure for approximately €669m. The purchase is LDIF’s first towers acquisition.

Liberty Global values the assets at 16.2x their 2025 EBITDA. Once the deal completes, the towers will be combined with Belgium Tower Partners, DigitalBridge’s existing Belgian platform, to create a combined Belgium/Netherlands network of more than 6,600 sites. VodafoneZiggo says continuity is safeguarded through long-term site-access agreements with the new owner, plus build-to-suit arrangements for new sites, and frames the sale as creating room for further investment in its network, services and growth.

The deal is LDIF’s second European and fourth investment overall, and contributes to L&G’s ambition to scale its private-markets platform to £85bn by 2028. At the fund’s first close, announced on 9 September 2025, commitments totalled about €600m from local government pension schemes, specialist infrastructure funds and global asset managers, with L&G investing alongside clients via its balance sheet; the fund targets a gross IRR of 15% across data centres, fibre, wireless connectivity and cloud services. Matteo Colombo, L&G Asset Management’s head of digital infrastructure investments, called it "our fourth LDIF investment and first towers acquisition".