FiberPass, the joint venture created by Vodafone Spain and Telefónica, began operating in March 2025
In sum – what to know:
AXA IM Alts acquires 40% of FiberPass – The investor joins Telefónica and Vodafone in the FTTH venture, with Telefónica keeping majority control.
FiberPass now covers 3.7M premises nationwide – The joint venture serves 1.4 million FTTH customers as fiber demand continues to expand across Spain.
Deal expands AXA’s digital infrastructure portfolio – FiberPass strengthens the firm’s European FTTH presence in a leading fiber market.
AXA IM Alts, Vodafone Spain, and Telefónica Spain have signed a binding agreement under which the former will acquire a 40% stake in FiberPass.
Once the transaction closes — pending regulatory approvals — Telefónica will hold 55%, Vodafone Spain will retain 5%, and AXA IM Alts will own 40%. Telefónica will remain in control of FiberPass.
FiberPass, the joint venture created by Vodafone Spain and Telefónica, began operating in March 2025. The company currently covers 3.7 million premises with fiber-to-the-home (FTTH) technology across Spain and provides FTTH services to 1.4 million Vodafone and Telefónica customers, achieving a penetration rate of about 40%.
The new partnership brings together two major Spanish telecom operators and a leading European infrastructure investor to expand nationwide FTTH services and meet the rising demand for high-speed fiber connectivity. The deal is also expected to enhance fiber broadband availability and service quality for households and businesses across the country.
FiberPass operates a next-generation FTTH network that provides high-quality fiber services to its shareholders and other operators.
Vodafone Spain CEO José Miguel García said: “This alliance between leading operators and a long-term institutional investor will enable faster, more efficient, and more sustainable broadband growth across Spain. It also represents another step in our strategy to make Vodafone Spain a more competitive company, ensuring that our customers have access to the best fiber networks and an exceptional service experience.”
Mark Gilligan, head of infrastructure at AXA IM Alts, added: “We have been expanding our digital infrastructure portfolio since we began developing data centers at Data4 in 2012. In 2018, we made our first fiber-to-the-home (FTTH) investment to build the XpFibre network, which now reaches 7 million households in France. Today, we are extremely pleased to add FiberPass to our digital portfolio in Spain, which already includes Lyntia Networks.”
“Fiber-to-the-home is central to our digital infrastructure strategy. With rising demand for home connectivity driven by streaming, remote work, and IoT adoption, this is a unique opportunity to grow in one of Europe’s most advanced FTTH markets and within a sector expected to nearly double to $110 billion globally by 2030,” Gilligan added.
In January 2025, MasOrange and Vodafone Spain had reached a binding agreement to establish a joint fiber company in Spain.
The new FiberCo will integrate over 12 million real estate units from both MasOrange and Vodafone Spain, making it the largest fiber network company in Europe. The network will be dedicated exclusively to serving MasOrange and Vodafone customers.
