Spain
Cuatrecasas advises Vodafone on collaborating with MasOrange and GIC to create Europe’s largest fiber-optic network
August 6, 2025
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SubscribeCuatrecasas has advised Vodafone on signing an agreement with Spanish operator MasOrange and Singapore sovereign wealth fund GIC, to create fiber-optic network FibreCo. The network will cover over 12 million real estate units and around 5 million clients, making it the largest fiber-optic network in Europe, exclusively dedicated to Spanish operators Vodafone and MasOrange.
FibreCo has been designed with sustainability and energy efficiency principles in mind, giving it essential characteristics like greater robustness, reliability and an environmentally friendly approach, enabling it to adapt to the sector’s responsible and technological development goals.
Continuous improvement
FibreCo’s increased scale, operational efficiencies from Vodafone and MasOrange, and financial solidity from joining forces with GIC, will enable ongoing investment in modernizing and upgrading the network. This will facilitate the integration of new technologies and services, like XGSPON, and improve the Spanish market’s competitive standard.
The Cuatrecasas advisory team was made up of lawyers Federico Roig, Pedro López-Dóriga and Pablo del Moral (Corporate and M&A); Irene Moreno-Tapia and Paula Wignall (Antitrust & Competition); and Enrique Carrera, Julene Areitio and Mario Mas (FDI).
Federico Roig commented on the transaction: “As pointed out by specialized journals and players in the M&A market, the competitive process that led to the collaboration with GIC, shows international confidence in the growth and modernization potential of the telecommunications sector in Spain. Dozens of investors were interested in the process and around 20 global banks participated in the transaction's financing, reinforcing the perception of strength and appeal of the Spanish market for digital infrastructure investments.”
August 6, 2025
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