REG - Zegona Comms. - AXA IM Alts acquires 40% of FiberPass

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RNS Number : 8904I  Zegona Communications PLC  25 November 2025

AXA invests in Vodafone Spain FiberCo

LEI: 213800ASI1VZL2ED4S65

25(th) November 2025

Zegona Communications plc

AXA IM Alts acquires 40% of FiberPass from Vodafone Spain & Telefónica
España

Zegona Communications plc (LSE: ZEG) ("Zegona") is pleased to announce that
AXA IM Alts ("AXA"), has signed a binding contract with Vodafone ONO, S.A.U.
("Vodafone Spain") and Telefónica España Filiales S.A.U. ("Telefónica")
(together the "Parties") to acquire a 40% stake in FiberPass.

In March 2025 FiberPass started operations, with an ownership split of 63%
Telefónica and 37% Vodafone Spain. FiberPass covers 3.7 million premises
across Spain and provides the highest quality fibre-to-the-home ("FTTH")
services for 1.4 million Vodafone Spain and Telefónica customers. Vodafone
will use FiberPass to provide services to its existing and future retail and
wholesale customers within the FiberPass footprint.

Vodafone will generate upfront proceeds of €0.4bn from this transaction. The
ownership of FiberPass after the AXA investment will be 55% Telefónica, 40%
AXA and 5% Vodafone Spain.

This transaction in combination with GIC's recently announced investment in
PremiumFiber, will deliver total upfront proceeds of €1.8bn to Vodafone.
Vodafone will retain a 17% equity stake in PremiumFiber and 5% in FiberPass.

This transaction is subject to customary regulatory approvals and is expected
to close in the first quarter of 2026.

Eamonn O'Hare, Chairman and CEO of Zegona, commented, "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."

 

For further information, please contact:

 

 For investor enquiries:                                                     For media enquiries:
 Alfonso Enríquez                                                           Jaime De Andres                         Tilly Abraham
 Director of Investor Relations                                             Media Relations                         Sodali & Co
 Zegona Communications plc                                                  Zegona Communications plc               Tel: +44 (0)77 4840 4399
 info (mailto:info@zegona.com) @zegona.com (mailto:info@zegona.com)         jaime.andres@vodafone.com               zegona@info.sodali.com (mailto:zegona@info.sodali.com)

 

About Zegona

Zegona is publicly listed on the Main Market of the LSE.  It was established
in 2015 with the objective of investing in businesses in the European
Telecommunications, Media and Technology sector and improving their
performance to deliver attractive shareholder returns.  Zegona is led by
former Virgin Media executives Eamonn O'Hare and Robert Samuelson. In 2024,
Zegona completed the acquisition of Vodafone Spain. 

 

About Vodafone Spain

Vodafone Spain is a national provider of fixed, mobile and TV services in
Spain, serving consumer, business and public administration customers. It was
acquired by Zegona in May 2024.

About Telefónica

Telefónica is one of the world's leading telecommunications service
providers. The company offers fixed and mobile connectivity as well as a wide
range of digital services for residential and business customers. With over
350 million customers, Telefónica operates in Europe and Latin America.
Telefónica is listed on the Spanish stock market, New York and Lima.

About AXA IM Alts

AXA IM Alts is a business unit of AXA Investment Managers, part of the BNP
Paribas Group since 1st July 2025 following the closing of its acquisition.
AXA IM Alts is a global leader in alternative investments with over €188
billion of assets under management comprising over €80 billion of primarily
private real estate, €96 billion of private debt and alternative credit, as
well as over €12 billion in Infrastructure and private equity. ESG is fully
integrated into our investment decision making processes with a particular
focus on decarbonization.

 

 

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