AXA Investment Management has reached an agreement to purchase a 40% stake in Fiberpass, the fiber optics joint venture of Telefónica and Vodafone, for 500 million euros. After the entry of the French financial group, Telefónica, which now owns 63%, will continue to maintain control, with 55% of the capital, and Vodafone will reduce its stake from 37% to the remaining 5%.
The Zegona-owned operator will receive 400 million euros for that 32%, while Telefónica will get 100 million euros for the transaction. The valuation of 100% of Fiberpass is set at 1,500 million euros, sources close to the operation report. The valuation is slightly higher than what was paid because Telefónica and Vodafone carried out a series of capital increases in Fiberpass for a total amount of 161.6 million euros
Axa’s entry, combined with the recently announced investment by Singapore’s sovereign wealth fund (GIC) in PremiumFiber, the fiber company with MasOrange, will bring Vodafone total initial revenues of €1.8 billion. Vodafone will retain a 17% stake in PremiumFiber and 5% in FiberPass.
The French group, recently acquired by BNP Paribas and which manages assets of 879 billion euros, prevailed over the other candidates interested in the fibreco such as the Vauban Infrastructure Partners and Antín funds. FiberPass began operations in March 2025. The company currently covers 3.7 million property units with fiber to the home (FTTH) across Spain and provides FTTH services to 1.4 million Vodafone and Telefónica customers, achieving a penetration level of approximately 40%.
