AXA IM Alts acquires 40% stake in FiberPass from Telefónica and Vodafone

A&O Shearman advised AXA IM Alts, Uría Menéndez advised Telefónica, and Cuatrecasas represented Vodafone in the transaction. AXA IM Alts has acquired a 40% stake in FiberPass, the wholesale fibre operator established by Telefónica España and Vodafone España in March 2025. The transaction is the third investment this year by AXA IM Alts’ infrastructure capital platform, which has committed more than €700 million in 2025, and marks the firm’s second investment in Spanish fibre networks following its 2022 acquisition of Lyntia Networks. Following completion, Telefónica’s stake in FiberPass falls from 63% to 55% and Vodafone’s from 37% to 5%, with AXA IM Alts holding the remaining 40%. FiberPass serves nearly 1.4 million customers and reaches some 3.7 million homes and commercial premises across Spain. AXA IM Alts is a business unit of AXA Investment Managers and, since 1 July 2025, part of the BNP Paribas Group; the entity manages over €188 billion in assets across private real estate, private debt and alternative credit, infrastructure and private equity. A&O Shearman represented AXA IM Alts with a team composed by: partner Iñigo del Val; counsel Pablo Mendez Reus; associates Andrea Campos Rodríguez, Sofía Cendoya Murillo and José Mollinedo Montero de Espinosa; partner Vanessa Cuellas; senior associate Sara Sanz; partner Antonio Martínez Sánchez; senior associate Enrique Ferrer Poggio; and associate Andrea Salgado Sáez. Uría Menéndez represented Telefónica with a team composed by: Pablo González-Espejo (partner, Digital Law Group); Luis Jiménez (partner, Finance, Insolvency, Energy and Transport); Lucas Delclaux (managing associate, Finance, Insolvency, Energy and Transport); Gonzalo Sanz (senior associate, Digital Law Group); Rocío Ruiz-Gallardón (associate, Digital Law Group); and Eugenia Martínez (associate, Finance, Insolvency, Energy and Transport) from the Madrid office. Cuatrecasas represented Vodafone with a team composed by: partner Federico Roig García-Bernalt and senior associate Pedro López-Dóriga, together with lawyers Pablo del Moral and Diego Cortés Lara; and partner Irene Moreno-Tapia and solicitor Paula Wignall González from the Competition department. Vodafone in-house legal department represented Vodafone with a team composed by: general secretary José Ortiz Martínez and Miguel Romera, director of corporate legal advice, compliance and risk. Telefónica in-house legal department represented Telefónica with a team composed by: Elimena Junquera Blanco from the M&A legal department. AXA IM in-house legal represented AXA IM Alts with a team composed by: senior lawyer Peter Ellis.

AXA IM Alts acquires 40% stake in FiberPass from Telefónica and Vodafone

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