The French inverter AXA Investment Management is negotiating its entry into the joint fiber company who have launched Telefónica and Vodafone SpainFiberpass.
According to the Financial Times, the negotiations between the three parties are already in a fairly advanced phase, and the operation, to materialize, would take several hundred millions to the coffers of the two operators.
Apparently, Axa IM wants to be a minority partner of the company, but maintaining a package of shares of some importance. Everything indicates that he would keep 30% of the titles, and that Telefónica would continue to be the company’s majority shareholder.
Fiberpass, constituted earlier this year, is a company dedicated to the wholesale sale of fiber optics and various fiber connectivity services to Telefónica and Vodafone in certain regions of Spain. At present, it is estimated that it will provide services to more than 3.5 million facilities, and its valuation is around 1.5 billion euros.
When it was launched, Telefónica stayed with 63% of the shares, and 37% went to Vodafone Spain. But then both parties warned that their intention was to give entry into the shareholders to a third, but always as a minority shareholder of the company.
If the investment in it of Axa IM in the aforementioned terms, the actions of Vodafone Spain in Fiberpass will remain approximately 10% of the total. Telefónica would therefore reduce its amount of titles less than 5%.
The negotiations of the new constitution of the joint company will still run for several weeks, and everything indicates that there will be an advertisement which officials the entry of AXA IM in FiberPass Towards the end of next monthbrE, according to several sources close to the operation.
