AXA IM Alts acquires 40% of FiberPass from Telefónica and Vodafone: Advisors
AXA IM Alts has acquired a 40% stake in FiberPass, the wholesale fibre operator created by Telefónica España and Vodafone España in March 2025.
The transaction is the third investment made this year by AXA IM Alts’ infrastructure capital platform, which has committed more than €700 million in 2025. It is also the firm’s second investment in fibre optic networks in Spain, following the acquisition of Lyntia Networks in 2022.
Following the closing of the transaction, Telefónica’s stake in FiberPass will decrease from 63% to 55%, while Vodafone will reduce its position from 37% to 5%. AXA IM Alts will retain the remaining 40%.
FiberPass serves nearly 1.4 million customers and reaches 3.7 million homes and commercial premises in Spain.
AXA IM Alts is a business unit of AXA Investment Managers and has been part of the BNP Paribas Group since 1 July 2025, following the completion of its acquisition process. The entity manages more than €188 billion in assets, distributed among private real estate, private debt and alternative credit, infrastructure and private equity.
Advisors
Advisors
A&O Shearman advised AXA with a team comprising partner Iñigo del Val, counsel Pablo Mendez Reus, and 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 also participated.
Uría Menéndez advised Telefónica with a team formed 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); Eugenia Martínez (associate, Finance, Insolvency, Energy and Transport). All from the Madrid office.
Cuatrecasas represented Vodafone with a team led by partner Federico Roig García-Bernalt and senior associate Pedro López-Dóriga, together with lawyers Pablo del Moral and Diego Cortés Lara. Partner Irene Moreno-Tapia and solicitor Paula Wignall González participated from the Competition department.
In-house teams
On behalf of Vodafone, general secretary José Ortiz Martínez and Miguel Romera, director of corporate legal advice, compliance and risk, were involved. At Telefónica, the M&A legal department was represented by Elimena Junquera Blanco, while senior lawyer Peter Ellis participated on behalf of AXA IM.
