Uría Menéndez and Cuatrecasas advise on the creation of the fiber JV between Telefónica and Vodafone

Uría Menéndez and Cuatrecasas have advised on the agreement reached by Telefónica Group subsidiary, Telefónica España Filiales, with Vodafone ONO for the incorporation of a joint venture (Compañía Mayorista de Fibra) for the commercialization of a fiber-to-the-home (FTTH) network of 3.6 million BUPs.

FibreCo will cover some 3.6 million real estate units, enabling Vodafone and Telefónica to maximize the use of the FTTH network and offer high quality and technologically efficient fiber optic services to their existing and future retail and wholesale customers within their coverage area. This alliance is expected to enhance the competitiveness of both companies and ensure customer access to advanced networks, starting with an estimated 40% penetration and 1.4 million customers.

This network will be a benchmark in sustainable development, meeting high ESG standards through a more efficient use of network assets. The transaction, which is subject to certain regulatory approvals, will strengthen the broadband offering in Spain. Upon completion of the transaction, both companies plan to bring in a third investor in FibreCo, which will support their expansion and growth plans in the Spanish market.

The Uría team advising Telefónica Group consisted of Pablo González-Espejo (partner, Digital Law Group, Madrid); Ignacio Klingenberg (partner, Digital Law Group, Madrid); Rafael García Llaneza (partner, Tax, Madrid); Gonzalo Sanz (senior associate, Digital Law Group, Madrid); and Salvador Espinosa de los Monteros (associate, Digital Law Group, Madrid).

Cuatrecasas advised Zegona and Vodafone España with a team formed by Federico Roig, Mariano Ucar, Pedro López-Dóriga and Pablo del Moral, from the corporate M&A group, with the collaboration of Irene Moreno-Tapia and Paula Wignall, from competence, and Enrique Carrera, Julene Areitio and Mario Mas, from FDI.