- The fibre operator involved is Fiberpass, jointly owned by Telefónica and Vodafone España.
- The transaction values Fiberpass at about €1.5 billion including debt, and AXA will become a significant minority investor.
What happened: AXA has acquired a 30% share of Fiberpass from Telefónica and Vodafone Spain in a deal
Telefónica and Vodafone España are said to have sold a 30 per cent stake in their fibre-optic joint venture, Fiberpass, to AXA Investment Management. The deal is reportedly worth in the region of €600 million. The two telcos had been searching for a third-party investor for more than 18 months.
Before the sale, ownership of Fiberpass was split: Telefónica held roughly 63 per cent, while Vodafone España controlled around 37 per cent. After the transaction, those stakes are expected to drop to about 60 per cent for Telefónica and 10 per cent for Vodafone España. According to reports, AXA won out over other potential bidders such as Vauban Infrastructure Partners, Pontegadea, CDPQ, and GIC. Fiberpass currently has a footprint covering approximately 3.6 million premises in Spain and serves around 1.4 million customers.
Also of note, Telefónica and Vodafone injected fresh capital into Fiberpass earlier this year. They committed €161.64 million to the venture, reinforcing the business while they negotiated external investment.
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Why it’s important
This deal marks a clear strategy by both operators to monetise part of their fibre business while retaining control. By bringing in AXA, Telefónica and Vodafone España gain not just funding but also a long-term financial partner, which could help them scale and invest further in infrastructure.
For AXA, this is a strong entry into Spain’s fibre-optic market, reinforcing its role in European digital-infrastructure assets. The valuation of around €1.5 billion underscores how high-value these fibre-build networks have become.
For the telecoms industry, the transaction illustrates a broader trend: telcos are increasingly willing to sell off minority stakes in network ventures to raise capital, rather than build entirely alone. This could accelerate fibre deployment and strengthen wholesale fibre models.
Finally, the deal could boost competition in Spain’s fibre market by unlocking more capital for network expansion and innovation—potentially benefitting consumers with broader fibre coverage and better wholesale terms.
