AXA IM Alts has acquired a 40% stake in a Spanish wholesale fibre-to-the-home operator created by Telefónica España and Vodafone Spain in March this year.
AXA IM Alts is investing an unspecified sum to acquire the interest in FiberPass, becoming a shareholder as Telefónica’s stake reduces from 63% to 55% stake and Vodafone Spain’s stake drops from 37% to 5%.
FiberPass serves nearly 1.4m customers across 3.7m residential and business premises in Spain.
AXA IM Alts said the latest deal is the third investment agreed by its infrastructure equity platform this year, bringing the platform’s total 2025 investment to over €700m. The transaction is the firm’s second fibre network investment in the country, following its acquisition in 2022 of Lyntia Networks.
Mark Gilligan, head of infrastructure at AXA IM Alts, said: “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 7m homes-passed network 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, this is a rare opportunity to scale in one of Europe’s most advanced fibre-to-the-home markets and within a sector that is estimated to nearly double to $110bn (€95.4bn) globally by 2030.”
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