Trends
Telefónica and Vodafone sell 40% of FiberPass to AXA IM Alts
AXA IM Alts has purchased a 40% stake in FiberPass, the wholesale fibre-to-the-home operator formed by Telefónica España and Vodafone Spain.
Headline
AXA IM Alts has purchased a 40% stake in FiberPass, the wholesale fibre-to-the-home operator formed by Telefónica España and Vodafone Spain.
Context
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.
Evidence
Pending intelligence enrichment.
Analysis
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 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.
Key Points
- 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.
Actions
Pending intelligence enrichment.
