AXA IM Alts, a global leader in alternative investments, has signed an agreement to acquire a 40 percent stake in FiberPass, the fiber-to-the-home (FTTH) joint venture established by Vodafone and Telefonica. The transaction, subject to regulatory approval, marks a significant step in Spain’s fiber broadband expansion. Financial details were not disclosed.
FiberPass Ownership Structure Post-Transaction
Following the completion of the deal, FiberPass ownership will be structured as follows:
Telefonica Espana: 30 percent
Telefonica Infra: 25 percent
Vodafone Spain: 5 percent
AXA IM Alts: 40 percent
Telefonica will maintain control of FiberPass, ensuring strategic management and continued network development.
FiberPass Network Coverage and Services
FiberPass, which began operations in March 2025, covers 3.7 million FTTH premises across Spain and provides fiber services to 1.4 million customers of Vodafone and Telefonica. The company has achieved a penetration rate of approximately 40 percent, highlighting its growing role in Spain’s broadband infrastructure.
The joint venture operates a FTTH network, offering high-quality fiber services to shareholders and other operators, aiming to meet the increasing demand for high-speed broadband across Spanish households and businesses.
Strategic Importance of the Transaction
This alliance brings together Spain’s leading telecom operators and a major European infrastructure investor. The collaboration is expected to:
Accelerate the rollout of FTTH networks across Spain
Enhance fiber broadband availability and quality for households and businesses
Support sustainable and efficient broadband growth in the country
Jose Miguel Garcia, 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 ensures our customers have access to the best fiber networks and an exceptional service experience.”
Mark Gilligan, Head of Infrastructure at AXA IM Alts, said: “Fibre-to-the-home is central to our digital infrastructure strategy. With increasing household connectivity demands driven by streaming, remote work, and IoT adoption, this is a rare opportunity to scale in one of Europe’s most advanced FTTH markets.”
Shafana Fazal
