Catenaa, Sunday, November 30, 2025-Telefonica and Vodafone have reached an agreement with AXA IM Alts for the sale of a 40% stake in Fiberpass, the joint fibre-to-the-home (FTTH) venture.
Following the deal, Telefonica will retain a 55% controlling stake, split between Telefonica de España (30%) and Telefonica Infra (25%), while Vodafone Spain’s holding drops to 5%.
The transaction remains subject to regulatory approval, with the financial terms undisclosed. Estimates suggest the total deal could approach €500 million.
Fiberpass serves 1.4 million retail customers across 3.7 million premises in Spain, achieving a 40% FTTH penetration.
The sale is intended to accelerate network expansion and meet growing demand for high-speed broadband driven by streaming, remote work, and IoT adoption. AXA IM Alts’ investment expands its Spanish digital infrastructure portfolio, which includes Lyntia Networks.
The deal forms part of broader moves by Vodafone and Telefonica to monetize fibre assets while ensuring long-term network efficiency and economic sustainability.
Vodafone’s parent, Zegona Communications, highlighted the transaction’s role in generating upfront proceeds and enabling cost savings across Fiberpass and PremiumFiber, another joint fibre venture.
Separately, Telefonica confirmed plans to implement a redundancy program affecting 5,040 employees. Negotiations with Spain’s CCOO union are underway.
The majority of layoffs – 3,649 – will occur at Telefonica de España, with 1,124 in the mobile division and 267 at Telefonica Soluciones. The union has outlined conditions for any workforce reduction, including voluntary participation, linkage to retirement, and associated job creation.
