Spanish Operators Sign a Deal with Investor for Fiber Operations

MasOrange and Vodafone Spain signed a deal with Singapore sovereign wealth fund GIC. The investor would take a 25°% stake in their planned fiber venture.

In a joint statement, the trio explained that the new entity, provisionally known as FibreCo, will be 58% owned by MasOrange with Vodafone Spain holding around 17%. The company will provide access to fibre assets owned by the two operators and will be exclusively used by the pair. MasOrange and Zegona Communications-owned Vodafone Spain signed a binding agreement for the project in January, having agreed on initial terms in 2024.

On announcing their deal earlier this year, the pair outlined plans to bring in a third-party investor. At that point, the backer was expected to take a 40% stake, with MasOrange and Vodafone Spain set to own 50% and 10% respectively. MasOrange CEO Meinrad Spenger said GIC was chosen following a competitive process involving nearly 20 interested investors.

In a separate statement, Zegona Communications CEO Eamonn O’Hare noted the deal was a key milestone in the transformation of Vodafone Spain, adding that it completes their planned network upgrade strategy. Vodafone Spain also has a fiber JV in place with Telefonica. The proposed move is subject to regulatory approvals, with closing expected late this year.