Masorange expects to sell 40% of its fiberco in the third quarter.

Masorange CEO Meinrad Spenger plans to sign an agreement with an investor during the third quarter of the year to participate as a partner in the new wholesale fiber optic company (known as a fiberco) he has created with Vodafone Spain.

Spenger, who participated this Wednesday in the Summit 2025 meeting organized by the DigitalES association, stated that they are in no rush to close the agreement with the new partner, but specified that he expects it to be signed "in the third quarter of the year."

Masorange , the largest telecommunications operator in Spain by customer base, and Vodafone Spain—controlled by the British financial group Zegona— announced a binding agreement last January to create a joint fiber company, which would be the largest in Europe and encompass more than 12 million real estate units. According to the announcement at the time, Masorange will hold a 50% stake in the company, while Vodafone will hold 10% and a financial investor the remaining 40%.

For Spenger , it's a "quite interesting" project, as this fiber optic cable will be used by at least two strong companies, Masorange and Vodafone. Furthermore, this new partnership entails operational efficiencies at the management and financial levels. "On a financial level, it has advantages for reducing Masorange 's debt and increasing our investment capacity, as well as participating in any dividends that may be generated," the executive added.

On the other hand, Spenger emphasized that bank financing for the joint venture has already been closed, which, in his opinion, is "the most important part."

It's worth remembering that at the end of last May, Masorange secured €11 billion in financing through a group of nearly 20 banks to refinance its debt and fund the future infrastructure of the fiberco with Vodafone.

Specifically, the company will allocate €6.25 billion to improve Masorange's financial conditions and €4.75 billion to the infrastructure of the future joint fiber company, although the entry into force of these two financing agreements is conditional on the entry of a financial partner.

The two promoters of the fiberco, which has been internally referred to as Project Surf, have already received binding offers from GIC, the Singapore sovereign wealth fund, as well as from private equity firms KKR and Brookfield . Of the three proposals, the one considered the best, for the moment, is GIC's, as EXPANSIÓN reported today in its print and online editions. GIC's offer is around €7 billion in enterprise value (including debt), while KKR's is quite similar and Brookfield's is lower. In addition to these three proposals, the two promoters also expect proposals from other groups such as Apollo and Blackstone , although these groups would likely initially propose purchasing a stake of less than 40%.