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    Home > Finance > Singapore fund GIC buys 25% stake in Spain broadband venture
    Finance

    Singapore fund GIC buys 25% stake in Spain broadband venture

    Published by Global Banking & Finance Review®

    Posted on August 4, 2025

    2 min read

    Last updated: January 22, 2026

    Singapore fund GIC buys 25% stake in Spain broadband venture - Finance news and analysis from Global Banking & Finance Review
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    Tags:telecommunicationsinvestmentinfrastructurefinancial marketsprivate equity

    Quick Summary

    GIC acquires a 25% stake in a Spanish broadband venture with Vodafone and MasOrange, aiming to enhance its presence in the European telecom market.

    Table of Contents

    • GIC's Strategic Investment in Spain
    • Details of the Stake Acquisition
    • Impact on MasOrange and Vodafone Spain
    • Market Reactions to the Deal

    GIC Acquires 25% Stake in Spanish Broadband Partnership with Vodafone

    GIC's Strategic Investment in Spain

    (Reuters) -Singapore's sovereign wealth fund GIC will acquire a 25% stake in a Spanish fibre optic broadband venture between MasOrange and Vodafone Spain, the three companies said on Monday, helping GIC to boost its presence in a key European telecom market.

    Details of the Stake Acquisition

    After GIC's investment, MasOrange, partly owned by France's Orange, will hold 58% of the firm, while Vodafone Spain, owned by Britain's Zegona Communications, will own 17%.

    Impact on MasOrange and Vodafone Spain

    The companies did not say how much GIC would pay for the stake.

    Market Reactions to the Deal

    Singaporean state funds have been expanding in Europe with investments in infrastructure, renewables and luxury fashion brands, to take advantage of comparatively cheaper and more attractive valuations of European firms amid a stronger euro and rising U.S. tariffs.

    Singapore's state investor Temasek invested over S$10 billion ($7.8 billion) in Europe in the year ended March 2025. In late July, the company said it would raise its stake in Italian luxury fashion house Ermenegildo Zegna to 10%.

    Vodafone Spain, acquired by Zegona in a 5 billion euro ($5.79 billion) deal last year, will make 1.4 billion euros in proceeds from the venture, Zegona said in a separate statement.

    MasOrange will get 3.2 billion euros. The company is 50% owned by Orange, with private equity funds KKR, Cinven and Providence holding the remainder.

    Zegona shares were up 2.3% in London trading, after earlier rising as much as 3.9% to hover near its record high of 905 pence.

    The deal comes after Vodafone Spain agreed in January to create the new fibre network company in Spain with MasOrange.

    The parties at the time were also looking for an investor that would hold 40% of the new venture.

    GIC, which reported its slowest pace of investment return growth in five years in July, said it continued to seek long-term opportunities, particularly in the infrastructure sector.

    The Financial Times first reported on GIC taking a stake in the joint venture earlier on Monday.

    ($1 = 0.8647 euros)

    ($1 = 1.2873 Singapore dollars)

    (Reporting by Angela Christy, Yamini Kalia in Bengaluru, Yantoultra Ngui in Singapore and Inti Landauro in Madrid; Editing by Tom Hogue, Jamie Freed and Bernadette Baum)

    Key Takeaways

    • •GIC acquires a 25% stake in a Spanish broadband venture.
    • •Partnership involves MasOrange and Vodafone Spain.
    • •GIC aims to boost presence in the European telecom market.
    • •Zegona Communications owns Vodafone Spain.
    • •The deal reflects strategic investment in European infrastructure.

    Frequently Asked Questions about Singapore fund GIC buys 25% stake in Spain broadband venture

    1What stake is GIC acquiring in the Spanish broadband venture?

    GIC will acquire a 25% stake in the Spanish fibre optic broadband venture between MasOrange and Vodafone Spain.

    2Who are the other stakeholders in the venture?

    After GIC's investment, MasOrange will hold 58%, and Vodafone Spain will own 17% of the firm.

    3What is GIC's investment strategy in Europe?

    GIC has been expanding its investments in Europe, focusing on infrastructure, renewables, and luxury fashion brands to capitalize on attractive valuations.

    4What financial returns has GIC reported recently?

    GIC reported its slowest pace of investment return growth in five years in July, indicating a cautious approach to future investments.

    5What was the market reaction to the announcement?

    Zegona shares rose by 2.3% in London trading following the announcement, reflecting positive market sentiment.

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