(Reuters) -Singapore’s sovereign wealth fund GIC is set to take a 25% stake in a fibre optic broadband venture between MasOrange and Vodafone Spain, the Financial Times reported on Monday, citing people familiar with the matter.
GIC’s investment in the company will be announced as soon as Monday, the report said, adding that its stake would be worth about 1.4 billion euros ($1.6 billion).
The deal comes after Zegona Communications unit Vodafone Spain agreed in January to create the new fibre network company in Spain with MasOrange, with London-listed Zegona expected to hold 10% of the venture.
The parties at the time of the announcement of the deal were also looking for an investor for the new venture who was expected to hold 40% of the business.
Reuters could not immediately verify the FT report. GIC, Vodafone Spain, Zegona and MasOrange did not immediately respond to Reuters’ requests for comment.
Zegona acquired Vodafone Spain in a 5 billion euro deal last year, as part of Vodafone Group’s exit from its Spanish operations.
($1 = 0.8634 euros)
(Reporting by Angela Christy in Bengaluru; Editing by Tom Hogue and Jamie Freed)
