AXA IM Alts has signed a binding agreement to acquire a 40% stake in FiberPass, the wholesale FTTH network jointly created by Vodafone Spain and Telefónica. Once the transaction clears regulatory approvals, FiberPass ownership will shift to Telefónica at 55% (30% Telefónica España and 25% Telefónica Infra), Vodafone Spain at 5%, and AXA IM Alts at 40%, with Telefónica maintaining operational control. The deal positions FiberPass for accelerated fiber expansion at a time when Spanish households continue to shift to gigabit broadband.
Launched in March 2025, FiberPass already covers 3.7 million FTTH premises across Spain and currently supports 1.4 million retail customers for Vodafone and Telefónica, representing a penetration rate of about 40%. The investment brings together two of Spain’s largest operators and one of Europe’s largest infrastructure investment platforms, adding new capital and scale to a network designed to support growing broadband demand driven by streaming, remote work and high-bandwidth applications.
BBVA and Barclays advised Vodafone Spain and Telefónica España, while Rothschild & Co acted as M&A and debt advisor to AXA IM Alts. The partners said the new structure strengthens FiberPass’ long-term roadmap and ensures wider availability of high-quality fiber services for homes and businesses throughout Spain.
• AXA IM Alts to acquire 40% stake in FiberPass
• Telefónica retains control with consolidated 55% ownership
• Vodafone Spain to hold 5% post-transaction
• FiberPass covers 3.7M FTTH premises and serves 1.4M active customers
• Penetration currently ~40% across its footprint
• BBVA, Barclays, and Rothschild & Co advised the parties
• Regulatory approvals remain pending
José Miguel García, CEO of Vodafone Spain, said: “This alliance between leading operators and a long-term institutional investor will enable faster, more efficient and sustainable broadband growth across Spain. It also represents another step forward in our strategy to make Vodafone Spain a more competitive company, ensuring our customers have access to the best fiber networks and an exceptional service experience.”
🌐 Analysis
The investment fits a broader trend of infrastructure funds deepening their presence in European FTTH platforms, from France’s XpFibre to Portugal’s FastFiber. AXA IM Alts already operates in Spain through Lyntia Networks, giving it immediate strategic adjacency. For Telefónica and Vodafone, shared build models and capital rotation continue to be central to managing fiber expansion costs while maintaining national reach in a highly competitive Spanish broadband market.
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