Evolution Infrastructure acted as financial model auditor to BNP Paribas Asset Management Alts (BNPP AM Alts) on its acquisition of a 40% stake in FiberPass, a leading wholesale fiber-to-the-home (FTTH) operator in Spain.
FiberPass was established in March 2025 as a joint venture between Telefónica España and Vodafone Spain, through a partial carve-out of Telefónica’s existing Spanish FTTH network. Following completion of the transaction, Telefónica and Vodafone Spain will hold 55% and 5% stakes respectively, with BNPP AM Alts owning the remaining 40%.
Serving approximately 1.4 million customers across 3.7 million residential and business premises, FiberPass represents one of the most advanced fiber infrastructure platforms in Europe. The business benefits from long-term, highly visible revenues underpinned by Master Service Agreements with Telefónica España and Vodafone Spain. Operating under a wholesale-only model, FiberPass leverages the strong retail market positions of its anchor tenants to manage downstream commercialisation, providing stability and scale within a highly developed telecom market.
Spain is recognised as one of the most advanced FTTH markets in Europe, supported by a favourable regulatory and competitive environment. This investment marks BNPP AM Alts’ second fiber network acquisition in Spain, following its 2022 acquisition of Lyntia Networks, and represents the third investment undertaken by its infrastructure equity platform in 2025.
With approximately €16 billion of infrastructure assets under management, infrastructure remains a strategic priority for BNPP AM Alts, reflecting its focus on essential assets aligned with the structural themes of digitalisation, electrification and decarbonisation. The acquisition of FiberPass further strengthens its portfolio of long-term, yield-generating infrastructure investments that support both digital connectivity and the transition to a more sustainable economy.
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