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 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 and Vodafone didn't immediately respond to requests for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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