GIC Buys 25% of MasOrange-Vodafone Spanish Fibre Venture

Singapore’s sovereign wealth fund GIC has agreed to buy a 25% stake in the new fibre-to-the-home joint venture being formed by MasOrange, the merged Orange Spain–MásMóvil entity, and Vodafone Spain, according to people familiar with the terms. The open-access network will pool the two operators’ fibre assets and reach about 12 million premises across Spain, creating the country’s largest wholesale broadband platform. The business carries around €5.4 billion of debt and is valued at an estimated €6 billion to €7 billion, implying GIC’s minority holding is worth roughly €1.6 billion–€1.8 billion. Proceeds from the deal will allow MasOrange to cut debt by about €3.2 billion, while Vodafone Spain’s owner Zegona Communications will receive close to €1.4 billion to bolster liquidity and pursue strategic options. The investment deepens GIC’s exposure to European digital infrastructure following earlier bets on Iberdrola and toll-road operator Globalvia. The transaction is expected to close once customary regulatory approvals are secured.