08:34 AM EDT, 08/11/2025 (MT Newswires) -- BNP Paribas' AXA Investment Management is in advanced talks to buy a roughly 30% stake in FiberPass, a fiber optic broadband joint venture between Telefonica ( TEF ) and Vodafone Spain, the Financial Times reported Monday, citing two people familiar with the talks.

Vodafone Group ( VOD ) sold Vodafone Spain to Zegona Communications last year for 5 billion euros ($5.8 billion), the report said.

FiberPass is worth about 1.5 billion euros ($1.74 billion), the report said, citing estimates by New Street Research.

The deal will lead to Telefonica ( TEF ) retaining a majority stake in the joint venture and Vodafone Spain assuming a smaller stake of about 10%, the sources reportedly said.

A deal could be announced before the end of September, one of the people reportedly said.

AXA Investment Management, BNP Paribas, Telefonica ( TEF ) and Vodafone didn't immediately respond to requests for comment from MT Newswires.

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