MasOrange, Vodafone Spain and the Singapore sovereign wealth fund GIC have joined forces to create FibreCo, the largest fiber-optic networks company in Spain. This initiative will manage a state-of-the-art FTTH network, reaching more than 12 million households and about 5 million customers.
The shareholding structure will be distributed with MasOrange as the majority shareholder, controlling 58% of the company, while GIC and Vodafone Spain will hold 25% and 17%, respectively. This project aims to keep Spain at the forefront of telecommunications networks, optimizing costs and accelerating the deployment of technologies such as XGSPON, which offer speeds greater than 10 Gbps.
Meinrad Spenger, CEO of MasOrange, highlights that the agreement will strengthen premium FTTH connectivity and will enable future technological upgrades. José Miguel García, CEO of Vodafone Spain, considers that this collaboration is key to the company's transformation. For his part, Boon Chin Hau of GIC emphasizes that, although Spain is a pioneer in fiber, there is room to grow.
FibreCo will have solid financing, ensuring more than €5 billion in net debt with an investment-grade rating. In addition, it is committed to a sustainable approach, designing its networks under energy efficiency criteria to reduce its environmental footprint.
As part of its strategy, MasOrange will allocate 3.2 billion euros to reduce debt and will acquire Conexus Networks, which will be incorporated into FibreCo. This agreement strengthens Spain's position as a leader in digital infrastructure, preparing for next-generation services such as the metaverse and artificial intelligence.
The operation, subject to regulatory approvals, is projected to be completed in the fourth quarter of 2025, marking a milestone that could redefine telecommunications in Spain and Europe.
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