MasOrange and Vodafone Spain Partner with GIC to Establish Spain’s Largest Fibre Venture

Spain’s leading telecom operators, MasOrange and Vodafone Spain, are joining forces with Singapore-based investment fund GIC to launch the country’s largest fibre optic infrastructure initiative. The newly formed company will be called FibreCo, with the goal of delivering “premium” quality fibre connectivity across Spain.

Partnership Details

The agreement, initially reached in 2024 and formalised in January 2025, sets the following ownership structure:

• MasOrange: 58%

• Vodafone Spain: 17%

• GIC: 25%

The venture will cover around 12 million households and 5 million customers, creating a massive FTTH (fibre-to-the-home) network. Access will be exclusive to customers of the two operators, who will continue to manage and operate the networks they contribute.

Strengthening Spain’s Fibre Infrastructure

Although Spain is already one of Europe’s leading countries in FTTH coverage, FibreCo’s mission is not only to expand reach but also to deliver innovative solutions and premium service quality.

MasOrange CEO Meinrad Spenger stated: “This venture will provide our customers with the best premium FTTH connectivity and ensure continuous technology upgrades.”

Vodafone Spain CEO José Miguel García highlighted that this agreement is a key milestone in the company’s transformation strategy, enabling customers to benefit from broader fibre access and enhanced service.

GIC’s Role and Financing Structure

GIC’s Chief Investment Officer Boon Chin Hau emphasised Spain’s strong growth potential in fibre infrastructure and noted that FibreCo is designed to deliver both superior service to customers and robust infrastructure characteristics for investors.

FibreCo will be structured with over €5 billion in net debt, most of which is investment grade. More than 20 global banks are participating in the financing, signalling strong market confidence in the project.

Additional Acquisition and Future Plans

MasOrange will also acquire Conexus Networks, a wholesale FTTH provider in northern Spain, and contribute it to FibreCo. Proceeds of €3.2 billion from the transaction will be fully allocated to MasOrange’s debt repayment, ensuring further deleveraging in line with the company’s mid-term targets.

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👉 With this partnership, FibreCo is set to become not only Spain’s largest but also one of Europe’s most innovative fibre companies.