Liberty Global is considering spinning off some of its subsidiaries in the next 12 to 24 months.

As reported by The Financial Times, the company’s chief executive, Mike Fries, said the business aims to spin out “one or more” of its subsidiaries over the next two years as part of a restructuring.

The latest report emerges a couple of weeks after Liberty Global offered voluntary redundancy to hundreds of its employees.

His comments come shortly after Spanish telco Telefónica, the joint owner of UK carrier Virgin Media O2 along with Liberty Global, opted to scrap plans to spin off Virgin Media’s fixed network JV, NetCo.

Both Liberty Global and Telefónica own a 50 percent stake in Virgin Media O2, a telco formed as a merger between Virgin Media and O2 in 2021.

However, Fries is still determined to spin off assets, through tracking stocks, IPOs, and other transactions with “any” of its portfolio companies, which the FT reports includes Dutch telco VodafoneZiggo and Belgium’s Telenet.

Liberty Global operates in a number of European countries, including the UK, the Netherlands, Belgium, Ireland, and Slovakia. However, this number is down from the 12 it had previously operated in back in 2017.

Last year, the company completed the spin-off of Swiss telco Sunrise.

Liberty Global also announced this week that it had sold its five percent stake in Vodafone. The company acquired the 4.92 percent stake in 2023.

At the time, Fries said the acquisition was “cheap” and “opportunistic,” noting that the telco was undervalued.