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Singapore’s sovereign wealth fund GIC is set to acquire a 25% stake in a major fibre-optic broadband joint venture between MasOrange and Vodafone Spain, according to the Financial Times. The deal, valued at approximately €1.4 billion, could be announced as early as Monday.
The joint venture will cover around 12 million premises across Spain, making it one of Europe’s largest fibre infrastructure companies. MasOrange — the country’s largest mobile operator formed by the 2022 merger of Orange España and MásMóvil — will retain a 58% stake. Vodafone Spain, now owned by Zegona Communications, will hold the remaining 17%.
Proceeds from the sale will help MasOrange reduce debt, while Vodafone Spain plans to use its share to deleverage and boost shareholder returns. The investment underscores GIC’s growing interest in European digital infrastructure, as demand for high-speed broadband accelerates across the continent.
Spain’s telecom market remains intensely competitive, with major players rapidly expanding fibre networks to secure market share. The MasOrange-Vodafone partnership aims to strengthen their position by leveraging extensive infrastructure and shared resources, while GIC’s capital injection provides a strategic boost for long-term growth.
Industry analysts note that large-scale fibre network investments are increasingly attractive to institutional investors seeking stable, long-term returns in the digital economy. With broadband usage surging and 5G rollout driving demand, Spain’s fibre market is seen as a key growth area in Europe.
The transaction, once finalized, will further consolidate MasOrange’s leadership in Spain’s telecom sector and position the joint venture as a critical player in Europe’s digital connectivity push.
