AXA IM Alts to take 40% stake in FiberPass: What this means for Spain’s fiber strategy

AXA Investment Managers’ alternatives business unit, AXA IM Alts, has signed a binding agreement to acquire a 40 percent stake in FiberPass, a joint venture previously owned by Telefónica and Vodafone Spain. The transaction signals a pivotal evolution in Spain’s fiber-to-the-home (FTTH) infrastructure landscape, with Vodafone Spain expected to generate €400 million in upfront proceeds from this deal alone.

Following the transaction, FiberPass ownership will be split among Telefónica (55 percent), AXA IM Alts (40 percent), and Vodafone Spain (5 percent), with Telefónica retaining control. The change in ownership also aligns with Vodafone Spain’s broader monetization strategy, which includes the earlier PremiumFiber deal with Singapore’s GIC, generating a combined €1.8 billion in proceeds across both ventures.

The announcement, made by Zegona Communications plc (LSE: ZEG), which owns Vodafone Spain after completing its €5 billion acquisition in May 2024, marks another significant milestone in its turnaround roadmap. The company sees the transaction as strengthening its financial position while facilitating future investments and shareholder returns.

What does FiberPass offer in terms of national coverage and digital infrastructure capabilities?

Launched in March 2025, FiberPass was formed with a 63 percent stake held by Telefónica and 37 percent by Vodafone Spain. The platform currently passes 3.7 million premises across the country and delivers high-speed FTTH services to 1.4 million customers of both Vodafone Spain and Telefónica España. The penetration rate of approximately 40 percent reflects strong uptake in the short period since its inception.

FiberPass operates as an open-access wholesale network, providing service availability to Vodafone’s retail and wholesale partners. It is positioned to benefit from the growing demand for high-capacity digital infrastructure, fueled by streaming, remote work, IoT, and Spain’s ambitions for digital transformation.

AXA IM Alts’ investment not only brings capital but also institutional expertise in scaling digital infrastructure. The firm, now part of BNP Paribas Group following the closure of its acquisition in July 2025, manages over €188 billion in alternative assets, including significant investments in private real estate, infrastructure, and digital networks.

How does this transaction align with Zegona’s strategy for Vodafone Spain post-acquisition?

Zegona Communications has wasted no time executing its transformation plan for Vodafone Spain since closing the acquisition in May 2024. Chairman and Chief Executive Officer Eamonn O’Hare described the AXA deal as the final step in reshaping Vodafone Spain’s fixed network strategy. He stated that the combination of FiberPass and PremiumFiber will provide long-term, cost-efficient access to a fully fiber-based national network.

According to Zegona, the structure guarantees favorable economic terms and cost reductions for Vodafone Spain, which now operates as its wholly owned subsidiary. The monetization of fiber joint ventures aligns with Zegona’s capital allocation priorities and unlocks financial headroom for reinvestment or shareholder return initiatives.

The €1.8 billion in aggregate proceeds from the AXA IM Alts and GIC transactions marks a substantial liquidity gain for Zegona and signals confidence in the Spanish fiber market from major global infrastructure investors.

What is the strategic significance of AXA IM Alts’ move into Spanish FTTH via FiberPass?

AXA IM Alts has been expanding its digital infrastructure footprint for over a decade. It began with data centers through Data4 in 2012 and moved into FTTH in 2018 with XpFibre in France, which today covers more than 7 million homes. With FiberPass, AXA IM Alts adds another asset in a market known for advanced fiber rollout and competitive broadband dynamics.

Mark Gilligan, Head of Infrastructure at AXA IM Alts, noted that fiber-to-the-home remains a central theme in the firm’s strategy. He highlighted growing global demand for household connectivity, particularly with the rise of streaming services, hybrid work patterns, and connected devices. Citing a global FTTH market forecast nearing $110 billion by 2030, Gilligan positioned the FiberPass investment as a rare opportunity to scale in one of Europe’s most mature broadband markets.

FiberPass will join AXA’s existing Spanish fiber portfolio, which includes Lyntia Networks, further deepening the group’s exposure to the country’s digital economy. The transaction also signals AXA’s commitment to sustainable infrastructure, with ESG principles integrated into its decision-making processes, particularly around decarbonization.

How are Telefónica and Vodafone Spain positioning themselves in the evolving Spanish telecoms market?

The FiberPass transaction underscores the continued collaboration between Telefónica and Vodafone Spain despite being direct competitors. Telefónica España CEO Borja Ochoa described the deal as validation of the high quality of Spain’s telecom infrastructure and welcomed AXA IM Alts as a long-term partner.

José Miguel García, CEO of Vodafone Spain, said the alliance would accelerate broadband rollout across the country while improving customer experience. He also framed the move as a step toward building a leaner and more competitive operating model.

This model, which leverages joint ventures with institutional capital, allows telecom operators to shift capital-intensive network operations off balance sheets while preserving access to wholesale fiber assets. For Vodafone Spain, the fiber monetization also comes as part of a broader restructuring under Zegona’s ownership, which is expected to include cost optimization, customer growth, and deeper wholesale market engagement.

What do analysts expect for Spain’s fiber market and FTTH investment climate following this deal?

Analysts covering European telecommunications infrastructure see AXA IM Alts’ 40 percent investment in FiberPass as further validation of Spain’s JV-led broadband rollout model. Spain already has one of the highest fiber penetration rates in Europe, and this transaction affirms institutional investor appetite for mature digital infrastructure.

Sector observers also note that the FTTH wholesale model is increasingly being adopted across Europe, with entities like Germany’s Open Dutch Fiber, France’s XpFibre, and the UK’s CityFibre attracting capital from pension funds, sovereign investors, and insurance groups. Spain, with its established footprint and regulatory stability, remains a favored destination for infrastructure investors targeting long-term yield.

Following the deal, attention will turn to how Zegona allocates the €1.8 billion raised through its PremiumFiber and FiberPass monetizations. Potential uses include deleveraging, strategic reinvestments, or shareholder return programs.

AXA IM Alts’ involvement may also serve as a signal to other European asset managers that Spanish fiber remains an attractive sector despite rising competition, macroeconomic uncertainties, and evolving regulatory scrutiny over broadband pricing and network access.

What are the key takeaways from AXA IM Alts’ 40% FiberPass stake agreement?

• AXA IM Alts has signed a binding agreement to acquire a 40 percent stake in FiberPass, a fiber-to-the-home joint venture originally created by Telefónica and Vodafone Spain.

• The transaction remains subject to regulatory approvals and is expected to close in the first quarter of 2026.

• Upon completion, FiberPass ownership will be split among Telefónica (55 percent), AXA IM Alts (40 percent), and Vodafone Spain (5 percent), with Telefónica retaining operational control.

• Vodafone Spain will receive upfront proceeds of €400 million from this transaction, contributing to a total of €1.8 billion when combined with the earlier PremiumFiber deal involving GIC.

• FiberPass currently passes 3.7 million premises and serves 1.4 million customers in Spain, operating as a high-penetration FTTH wholesale network.

• Zegona Communications, which owns Vodafone Spain following a €5 billion acquisition in May 2024, is executing a strategy to monetize fiber assets and improve its capital position.

• AXA IM Alts, now part of BNP Paribas Group, adds FiberPass to its growing digital infrastructure portfolio that includes XpFibre in France and Lyntia Networks in Spain.

• The deal highlights growing institutional investor interest in mature FTTH assets across Europe and affirms Spain’s position as a leader in fiber broadband adoption.

• Analysts believe the transaction could become a blueprint for similar telecom joint ventures across Europe, especially in markets with advanced digital infrastructure.

• The agreement reflects the increasing importance of capital-efficient, partnership-driven models in the telecom sector, especially amid rising demand for high-speed connectivity.