(Reuters) – The sovereign fund of Singapore, GIC, will acquire a 25% stake in the Spanish optical fiber coerty also owned by Masorange and Vodafone Spain, the three companies announced on Monday.

Masorange, joint venture between Orange and Masmovil, will have 58% of the joint venture and Vodafone Spain, property of the British Zegona Communications, will hold 17%.

The amount that GIC will pay for this participation has not been communicated.

The announcement of GIC’s investment comes after Vodafone Spain agreed, in January, to create a joint venture of optical fiber networks in Spain with Masorange.

Masorange and Vodafone Spain initially sought an investor who would hold 40% of the new company.

The Singapore sovereign fund intends to develop its investments in Europe in infrastructure, renewable energies and luxury to take advantage of the less expensive valuations in the region against the backdrop of the euro increase and increase in American customs duties.

(Written by Angela Christy, Yamini Kalia in Bangalore, Yantoultra Ngui in Singapore and Inti Landauro in Madrid; Etienne Breban; edited by Blandine Hénault)

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