Telefonica and Vodafone Spain launch Fiberpass JVTelefonica and Vodafone Spain launch Fiberpass JV

It probably didn't take a team of brand consultants to come up with that one, but you can't really argue with the fact that it's a solid name for a full fibre wholesaler. Even if the company in question is Spanish. And it's certainly better than the FibreCo moniker the JV was sporting up to now.

This is not actually a formal launch for Fiberpass though, given that its parent companies have not yet cleared all the regulatory hurdles that stand in the way of its establishment.

Telefonica and Vodafone agreed the terms of the joint venture late last year after months of discussion. They said they expected to receive regulatory approvals in early 2025, but we're not quite there yet.

Last week Spain's Council of Ministers authorised Vodafone Spain's foreign investment in this joint venture, Telefonica explained; its partner still uses the Vodafone brand, but is owned by UK-based investment firm Zegona Communications.

"The remaining authorizations are expected to be received in the coming weeks," Telefonica said.

The Spanish incumbent will be the majority shareholder in Fiberpass with a 63% stake initially to Vodafone's 37%, but that could all change if and when the companies secure the support of a third-party investor.

The smart money seems to be on the telcos selling off around 40% of Fiberpass, as rumoured back in the autumn, potentially leaving Telefonica with 50% and Vodafone 10%, which matches the deal Vodafone has brokered with MasOrange; that's also a fibre JV that is now dubbed Surf. It would also bring in something like €800 million in cash.

Overseeing such a deal will doubtless be high on the agenda for the new CEO of Fiberpass. Alongside the unveiling of their new FibreCo brand identity and logo (see above image) Telefonica and Vodafone also named Pablo Ledesma as the outfit's first chief executive.

Ledesma has served as Director of Network Operations and Services at Telefónica España for the past seven years, which clearly made him the ideal candidate for the job. Indeed, his bio highlights his leadership of two key projects: the rollout of fibre and the ongoing shutdown of the copper network. His career at Telefonica spans 25 years to date.

The company he will now lead has a fibre footprint that passes 3.6 million premises and serves 1.4 million customers.

It is part of a market in which cooperation has become the order of the day. Aside from the aforementioned fibre tie-up between MasOange and Vodafone, which was formally inked at the start of the year, there's also reportedly a mobile network deal in the works, again between MasOrange and Vodafone, although there's nothing concrete on that score yet and indications are that talks are still in the early stages.

Spain is a pretty advanced European fibre market; according to the FTTH Council Europe, it ranks second in terms of fibre coverage at more than 90%, and the organisation just last month named it as a European frontrunner in copper shutdown progress. Clearly the Spanish telcos are doing something right.

Fiberpass's motto will be 'Sharing the future together,' Telefonica noted. That's pretty apt, given the state of play in Spain.