AXA IM to acquire a 40% stake in FiberPass from Vodafone Spain and Telefónica.

AXA IM to acquire a 40% stake in FiberPass from Vodafone Spain, a mobile telecommunications operator, and Telefónica, a Spanish multinational telecommunications company. Financial terms were not disclosed. "The AXA investment completes our transformation of Vodafone Spain's fixed network strategy. The combination of FiberPass and PremiumFiber will give guaranteed access to a future-proof, all fibre, national network with attractive economic terms and will enable substantial cost savings across the business. Today's transaction delivers on our commitment to monetise our FibreCo JVs. The upfront proceeds of €1.8bn from FiberPass and PremiumFiber provide Zegona with significant incremental financial flexibility and leave the company well positioned to execute a shareholder friendly capital allocation policy," Eamonn O'Hare, Zegona Chairman and CEO.