News | 25 November 2025
BBVA advises Telefónica and Vodafone Spain on AXA IM Alts’ entry into FiberPass
AXA IM Alts, a global leader in alternative investments, has entered into a binding agreement with Telefónica España and Vodafone Spain to acquire, on behalf of its clients, a 40% stake in FiberPass, the fibre-to-the-home (FTTH) platform jointly created by both operators. BBVA acted as financial advisor on the transaction.
Under the terms of the agreement, AXA IM Alts will acquire a 40% equity interest in FiberPass. Following completion, ownership of the company will be distributed among Telefónica (55%, through Telefónica España and Telefónica Infra), Vodafone Spain (5%), and AXA IM Alts (40%), with Telefónica retaining control.
BBVA acted as financial advisor to Telefónica España and Vodafone España throughout the process, supporting both companies in a strategic transaction that strengthens the value of their fibre infrastructure and reinforces their position in the high-speed connectivity market.
Operational since March 2025, FiberPass manages a FTTH network that currently reaches 3.7 million premises and serves 1.4 million Vodafone and Telefónica customers, reaching a penetration of approximately 40%.
The transaction strengthens collaboration between two of the country’s leading telecom operators and a top-tier institutional investor, with a shared commitment to expanding access to high-quality FTTH networks. This strategic alliance will enable continued development of a more efficient, resilient and sustainable network infrastructure, for both residential and business customers, helping to drive Spain’s digital transformation.
“We are proud to have supported Telefónica España and Vodafone Spain in a transaction of significant relevance for the sector. BBVA’s advisory role in such an important project is a reflection of our clients’ trust” said Manuel Franch, Global Sector Co-Head of TMT in BBVA CIB. “Digital infrastructures are becoming increasingly strategic, and this transaction further enhances their long-term sustainability.”
José Miguel García, CEO of Vodafone Spain, stated: “This alliance between leading operators and a long-term institutional investor will enable faster, more efficient and sustainable broadband growth across Spain. It also represents another step forward in our strategy to make Vodafone Spain a more competitive company, ensuring our customers have access to the best fiber networks and an exceptional service experience.”
Borja Ochoa, CEO of Telefónica España, said: “We are glad to announce this transaction, which highlights the quality and appeal of our infrastructure and allows us to welcome such an experienced and prestigious partner as AXA IM Alts, with whom we are delighted to be working to continue driving the growth and future development of FiberPass”.
With this transaction, BBVA reaffirms its ability to support clients by providing expert advisory and long-term strategic insight in key sectors such as digital infrastructure, a cornerstone of economic and social growth in today’s environment.