AXA IM Alts has acquired a 40 percent stake in FiberPass, a wholesale fiber-to-the-home (FTTH) operator in Spain, from two of the country’s largest operators.
FiberPass was formed as a 63 percent/37 percent joint venture by Telefónica España and Vodafone Spain in March as a partial carveout from Telefónica’s existing Spanish FTTH network. FiberPass serves nearly 1.4 million customers across 3.7 million residential and business premises in Spain, positioning it as one of the most advanced fiber infrastructure networks in Europe.
The company benefits from long-term revenue streams underpinned by master service agreements with Telefónica Spain and Vodafone Spain. It operates a wholesale-only model and benefits from Telefonica and Vodafone Spain’s market positions to manage retail and downstream wholesale commercialization.
Following the acquisition, Telefónica and Vodafone Spain will own 55 percent and 5 percent of the company, respectively, with AXA IM
