AXA IM Alts Secures 40% Stake in Spain’s FiberPass

AXA IM Alts, Vodafone Spain and Telefónica España sign a binding agreement under which AXA IM Alts will acquire a 40% stake in FiberPass.

The acquisition is agreed on behalf of AXA IM Alts’ clients and follows negotiations between the three parties over the structure of the joint venture. Once regulatory approvals are secured, ownership will stand at 55% for Telefónica, divided between Telefónica España (30%) and Telefónica Infra (25%), 5% for Vodafone Spain and 40% for AXA IM Alts. Telefónica will retain control of FiberPass.

FiberPass began operations in March 2025 as a joint venture previously owned 37% by Vodafone Spain and 63% by Telefónica. It covers 3.7 million fibre-to-the-home premises across Spain.

It provides FTTH services to 1.4 million customers of both Vodafone Spain and Telefónica, representing a penetration level of around 40%.

The scope of the network positions FiberPass within the broader Spanish gigabit access market, in which operators continue to expand service reach and assess long-term ownership models for fibre transport and access networks.

José Miguel García, CEO of Vodafone Spain, presents the agreement in the context of the company’s broader operational focus. 

José Miguel says: “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 fibre networks and an exceptional service experience.”

The transaction brings together two major Spanish telecommunications operators and one of Europe’s significant infrastructure investors.

Each party aligns its role with its own strategic position: Telefónica as a long-term network operator and asset owner, Vodafone Spain as a service provider and shareholder and AXA IM Alts as an institutional investor with a portfolio of European digital assets.

Investment strategy aligns with demand for Vodafone and Telefónica FTTH

FiberPass operates an FTTH network that provides services to its shareholders and to other operators. The network’s structure supports open-access supply, with commercial agreements in place.

Both Vodafone Spain and Telefónica España rely on FiberPass for FTTH access services in specific regions, enabling each company to expand or reinforce its network footprint without overbuilding.

Demand for broadband capacity continues to rise across the Spanish residential and business markets. Both operators identify the agreement as support for their own FTTH supply models.

Borja Ochoa, CEO of Telefónica España, says: “We are glad to announce this transaction, which highlights the quality and appeal of our infrastructure and allows us to welcome such an experienced and prestigious partner as AXA IM Alts, with whom we are delighted to be working to continue driving the growth and future development of FiberPass.”

AXA IM Alts adds FiberPass to an existing portfolio of digital infrastructure assets. 

Mark Gilligan, Head of Infrastructure at AXA IM Alts, outlines the firm’s involvement in fibre and data centre projects across Europe.

Mark says: “We have been growing our digital infrastructure portfolio since we began developing data centres in Data4 in 2012. We first invested in fibre-to-the-home in 2018 to build XpFibre’s network of 7 million homes in France. Today, we are very pleased to add FiberPass to our digital portfolio in Spain, which already encompasses Lyntia Networks.

“Fibre-to-the-home is central to our digital infrastructure strategy. With increasing household connectivity demands being driven by streaming, remote work and IoT adoption, IT is a rare opportunity to scale in one of Europe’s most advanced FTTH markets and within a sector that is estimated to nearly double to US$110bn globally by 2030.”

These remarks frame FiberPass as an asset that fits within established operational networks and investment strategies, rather than an early-stage project.

Its penetration of around 40% across its premises reflects a subscriber base already shared between Vodafone Spain and Telefónica.

Barclays, BBVA and Rothschild & Co advise on FiberPass transaction

The parties complete the transaction with financial advisory support. BBVA and Barclays advise Vodafone Spain and Telefónica España throughout the process.

Rothschild & Co advises AXA IM Alts on M&A and debt structuring. The involvement of multiple advisers reflects the scale of the asset and the long-term nature of the ownership structure proposed by the three shareholders.

As the transaction moves through regulatory approvals, the revised ownership model positions FiberPass to continue supplying FTTH services to Vodafone Spain, Telefónica España and other operators under wholesale agreements.

The new structure aligns AXA IM Alts with both operators to develop FTTH coverage across Spain.