Overview

• MasOrange controls 58% of FibreCo, Vodafone España holds 17% and Singapore’s GIC owns the remaining 25%.
• The joint venture consolidates fiber-optic networks covering more than 12 million premises and nearly 5 million customers across Spain.
• Financing comprises over €5 billion of predominantly investment-grade debt arranged with around 20 global banks.
• MasOrange will allocate €3.2 billion in net proceeds to repay its debt and will contribute its newly acquired Conexus Networks to FibreCo.
• The deal remains subject to Spanish and EU regulatory approvals with a target closing in the fourth quarter of 2025.