Cuatrecasas advises Vodafone on the incorporation of FibreCo - Europe’s largest fiber optic network - together with MasOrange and GIC

Cuatrecasas advises Vodafone on the agreement to establish FibreCo — Europe’s largest fiber optic network — together with Spanish operator MasOrange and Singapore’s sovereign wealth fund GIC.

FibreCo is a fiber optic network covering more than 12 million real estate units and nearly 5 million customers, making it the largest fiber network in Europe exclusively dedicated to two operators in Spain.

FibreCo has been designed based on sustainability and energy efficiency principles, which provide the network with key features such as greater robustness, reliability, and an environmentally friendly approach, enabling it to align with the sector’s responsible development and technological goals.

Ongoing improvement

The scale of FibreCo, the operational efficiencies resulting from the collaboration between Vodafone and MasOrange, and the new company’s financial strength following GIC’s entry, will allow continued investment in the modernization and upgrade of the network. This will facilitate the integration of new technologies and services — such as XGSPON — and enhance the competitive standard of the Spanish market.

The Cuatrecasas team advising on the transaction was composed of Federico Roig, Pedro López-Dóriga, and Pablo del Moral from the Corporate M&A practice; Irene Moreno-Tapia and Paula Wignall from the Competition team; and Enrique Carrera, Julene Areitio, and Mario Mas from the Competition and Foreign Direct Investment (FDI) practices.

“As noted by specialized media and M&A market players, the competitive process that led to GIC’s entry highlights international confidence in the growth and modernization potential of Spain’s telecommunications sector. The participation of dozens of interested investors and nearly 20 global banks involved in financing the transaction further reinforces the perception of the Spanish market as a solid and attractive destination for digital infrastructure investment,” said Federico Roig regarding the deal.