Link Securities | French insurance company AXA appears to be the likely winner of the process to acquire a stake in Fiberpass, the fibre optic wholesale company created by Telefónica (TEF) and Vodafone Spain, according to Expansión.
AXA Investment Management is in advanced negotiations to take a significant minority stake in Fiberpass, a joint venture between Telefónica and Vodafone Spain to offer wholesale fibre optic broadband connectivity services, i.e. what is known as a fibreco, according to the Financial Times.
According to two people familiar with the talks, the French group, which was recently bought by BNP Paribas and manages assets worth €879 billion, is in talks to take a stake of around 30% in FiberPass. FiberPass, which will serve more than 3.5 million premises, is valued at approximately €1.5 billion, according to estimates by New Street Research. The agreement will allow Telefónica to retain a majority stake, while Vodafone Spain will take a smaller stake of around 10%, according to the sources.
