AXA IM Alts has acquired a 40% stake in FiberPass, a leading FTTH service provider in Spain, in collaboration with Vodafone España and Telefónica España, aiming to enhance broadband connectivity across the country.

Target Information

AXA IM Alts has entered into a binding agreement to acquire a 40% stake in FiberPass from Vodafone España and Telefónica España. This acquisition marks a significant move for AXA IM Alts, a global leader in alternative investments, as it aims to enhance its presence in the rapidly growing fiber-to-the-home (FTTH) market. Upon completion of the transaction, which is subject to regulatory approvals, the ownership of FiberPass will be divided among Telefónica (55%), Vodafone España (5%), and AXA IM Alts (40%). Notably, Telefónica will retain control over FiberPass, which commenced operations in March 2025.

Industry Overview

Spain's telecommunications industry has seen robust growth, especially in the FTTH segment, reflecting a surge in demand for high-speed internet connectivity. FiberPass currently covers 3.7 million housing units and provides FTTH services to 1.4 million customers, achieving a penetration rate of approximately 40%. This collaboration among key operators, along with a prominent infrastructure investor, enhances the overall service offerings in the region.

The FTTH market in Spain is recognized as one of the most advanced in Europe. With an increasing reliance on high-speed broadband for activities such as streaming, remote work, and the Internet of Things (IoT),