Telefónica and Vodafone sell 40% of FiberPass to AXA IM Alts

Telefónica and Vodafone sell 40% of FiberPass to AXA IM Alts is profiled by BTW Media because published evidence links it to internet infrastructure, governance, operational dependencies, or market visibility.

• FiberPass covers 3.7 million premises and serves around 1.4 million customers across Spain.
• The deal marks AXA IM Alts’ second fibre infrastructure investment in Spain.

What happened: AXA IM Alts takes major stake in Spain’s wholesale fibre network

AXA IM Alts has agreed to acquire a 40% stake in FiberPass, the fibre-to-the-home operator launched by Telefónica España and Vodafone Spain in early 2025. Before the sale, Telefónica held 63% of the company and Vodafone held 37%. After the transaction, Telefónica’s total stake will fall to 55% and Vodafone’s to 5%, while AXA IM Alts becomes a major new shareholder with 40%. Telefónica will remain in control of the joint venture.

FiberPass currently passes more than 3.7 million homes and businesses across Spain and serves roughly 1.4 million customers through wholesale access. The network has reached a penetration rate of about 40%, positioning it as a significant wholesale fibre provider in the country.

The investment is AXA IM Alts’ third infrastructure equity transaction this year, bringing its total 2025 investments to more than $812 million. It is also AXA IM Alts’ second fibre-network transaction in Spain, following its acquisition of Lyntia Networks in 2022.

According to Spanish financial press reports, the deal is valued at approximately $580 million.

Also Read: MT Networks accelerates fibre broadband in rural Kansas
Also Read: MTel advances Macau fibre network amid AI and cloud push

Why it’s important

The transaction highlights continued investor interest in fibre-optic networks as secure, long-term infrastructure assets. Demand for high-speed broadband is increasing rapidly due to streaming, remote work, cloud adoption and growing use of connected home devices. Fibre-to-the-home networks are seen as essential to support this expansion.

For AXA IM Alts, the FiberPass stake strengthens its growing digital-infrastructure portfolio and expands its presence in one of Europe’s most advanced fibre markets. For Telefónica and Vodafone, the deal provides fresh capital while allowing both operators to retain access to a large wholesale network without bearing the full investment burden.

For Spain’s telecom sector, the entry of a large institutional investor underscores the strategic value of fibre networks and suggests sustained momentum in digital-infrastructure investment nationwide.