Vodafone confirmed on Friday that it has been talking to Liberty Global over the possibility of an asset swap.

In a statement the Kabel Deutschland owner said it is “in the early stages of discussions with Liberty Global regarding a possible exchange of selected assets between the two companies.”

The telco made clear that a merger or takeover was not on the table. “There is no certainty that any transaction will be agreed, nor is there certainty with respect to which assets will ultimately be involved. Vodafone is not in discussions with Liberty Global concerning a combination of the two companies.”

Vodafone, with its principal interests in the UK, Ireland, the Netherlands and Germany would make a good fit with Liberty’s cable business that includes Virgin Media, UPC and Ziggo.

Speculation over a possible bid by Vodafone for Liberty has been a regular talking topic since Vodafone’s entry into the European cable market in the spring of 2013.