AXA IM Alts, a leading global alternative investment manager, has entered into a binding agreement to acquire a 40% stake in FiberPass, the Spanish fiber-to-the-home (FTTH) network operator jointly established by Vodafone Spain and Telefónica España. The transaction, which remains subject to regulatory approval, will significantly reshape the ownership structure of FiberPass and strengthen Spain’s digital infrastructure landscape.
Upon closing, FiberPass will be controlled by Telefónica with a 55% shareholding, divided between Telefónica España (30%) and Telefónica Infra (25%). Vodafone Spain will retain a 5% stake, while AXA IM Alts will hold 40% on behalf of its clients. Despite the change in ownership, Telefónica will continue to oversee the management and strategic direction of the company.
FiberPass began operations in March 2025 as a joint venture between Vodafone Spain (37%) and Telefónica (63%). Since its launch, the company has rapidly expanded its FTTH footprint to cover 3.7 million premises across Spain and currently delivers high-speed fiber services to approximately 1.4 million Vodafone and Telefónica customers. The network has reached a penetration level of around 40%, underscoring its strong competitive position in one of Europe’s most advanced FTTH markets.
The entry of AXA IM Alts brings a major European infrastructure investor into the partnership, reinforcing the long-term strategic ambitions of FiberPass. The agreement aims to accelerate the deployment and enhancement of FTTH services nationwide, meeting the increasing demand for reliable, high-quality broadband from Spanish households and enterprises. With rising digital needs driven by streaming, remote work, and the expansion of IoT applications, the transaction is expected to play a pivotal role in improving network availability, service quality, and national connectivity.
Financial advisors BBVA and Barclays supported Vodafone Spain and Telefónica España throughout the transaction, while Rothschild & Co acted as M&A and debt advisor to AXA IM Alts.
Commenting on the agreement, José Miguel García, CEO of Vodafone Spain, emphasized that the partnership with a long-term institutional investor will support “faster, more efficient and sustainable broadband growth across Spain” and further enhance Vodafone’s competitiveness by ensuring access to high-performance fiber infrastructure.
Borja Ochoa, CEO of Telefónica España, highlighted the strategic importance of welcoming AXA IM Alts, describing the investor as a “prestigious partner” whose involvement demonstrates the attractiveness of Telefónica’s network assets and will contribute to FiberPass’s future expansion.
Mark Gilligan, Head of Infrastructure at AXA IM Alts, underscored the company’s commitment to digital infrastructure, noting its investments in data centers and FTTH networks across Europe. He characterized the FiberPass acquisition as a “rare opportunity to scale in one of Europe’s most advanced FTTH markets” and the strong long-term growth prospects of the sector, which is expected to nearly double to USD 110 billion globally by 2030.