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Telefónica, Vodafone to Spin Off FTTH Stake?

Telefónica and Vodafone are in advanced negotiations with AXA Investment Management over the sale of a roughly 30 per cent minority stake in their FTTH joint venture. The deal would bring AXA in as a financial partner in Fiberpass, the entity the two operators launched in early 2025. Such a deal is expected to be […]
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Market Consensus Link Securities The French insured AXA appears as the foreseeable winner of the process to enter the capital of Fiberpass, the fiber optic wholesaler company created by Telefónica (TEF) and Vodafone España, according to Expansion. AXA Investment Management is in advanced negotiations to take a significant minority stake in Fiberpass, a joint venture between Telefónica and Vodafone España to offer broadband connectivity services…

A French company is in negotiations to buy a stake of around 30% in FiberPass, which is projected to be worth around 1.5 billion euros and will serve more than 3.5 million homes.

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Five days FiberPass started its operations in March 2025 and has pending the incorporation of an external investor that will take a percentage of the capital that is now in the hands of Telefónica (63%) and Vodafone (37%). The choice of that partner “is in a very advanced phase” and is expected to close in the last quarter of the year, according to Zegona, owner of Vodafone Spain, to the London Stock Exchange last August 4 when he announced the …

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El Confidencial broke the news in Spain on Monday, August 11, 2025.
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