gic. Credit: T. Schneider, shutterstock.
Spain’s largest fiber optic network is here. Masorange, Vodafone Spain and GIC are collaborating with a 5 billion euro joint venture to increase digital infrastructure and sustainability across the country.
Masorange, Vodafone and GIC have launched new fiber companies
Masorange, Vodafone Spain and Singapore GIC Sovere wealth funds have officially agreed to create Spain’s largest fiber optic network, aiming to deploy premium fiber (FTTH) services for millions.
Joint Venture announced on Monday, August 4th – fiber – Serving approximately 12 million facilities and 5 million customers through a network that Masorange and Vodafone contribute exclusively. The network is not open to third parties.
Based on the contract:
- Masorange retains 58% of the new company
- GIC owns 25%
- Vodafone Spain holds 17%.
Transactions, including the acquisition of Masolange and the transfer of Conex’s network in Northern Spain to Fibreco, are expected to close in the fourth quarter of 2025, due to pending regulatory approval.
The newly formed Fibreco is committed to promoting digitalization, innovation and sustainability in the Spanish communications segment.
“We are extremely pleased to announce this agreement with Vodafone and GIC to establish Spain’s largest Fibreco,” said Meinrad Spenger, CEO of Masorange. “This venture will provide our customers with the best premium FTTH connectivity and guarantee future technology upgrades.” (Press release).
“This agreement is a milestone associated with our plans, as it ensures that our customers have access to our fiber optic network and better service,” said José Miguel García, CEO of Vodafone Spain.
The infrastructure incorporates cutting-edge technologies such as Xgspon, which incorporates ultra-fast, cutting-edge technologies, using energy-efficient systems to reduce environmental impact.
Supported by Global Banks, 5 billion euros of funding was protected
The textile deployment is supported by net debt of over 5 billion euros in net debt, with around 20 World Banks involved. Most of the funds are investment grade, reflecting strong investors’ confidence in the future of Spain’s fixed broadband.
According to Boon Chin Hau of GIC, Chief Investment Officer of Infrastructure, “Spain is one of the most advanced European countries when it comes to home rollout textiles. However, there is the possibility of fixed broadband penetration growth.”
What does this mean for customers and Spain’s digital future?
With this move, Masorange and Vodafone will provide exclusive access to high-quality fiber networks, potentially improving the quality, reliability and speed of service. However, it also raises questions about market access and consumer choice, as the network is not shared with small competitors.
Masorange will use 3.2 billion euros of revenue to pay off its debt, but Fibreco is expected to remain financially independent.
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