GIC Said to Lead Bidding for Stake in Spanish Broadband JV (2)

Singapore’s GIC Pte has emerged as the leading bidder for a significant minority stake in a fiber-optic broadband network venture owned by MasOrange SL and Zegona Communications Plc, people familiar with the matter said.

GIC and the joint venture owners are negotiating details of a potential agreement for a 20% to 30% stake, according to the people. A deal could value the business, which comprises over 12 million premises, at about €6 billion to €7 billion ($6.9 billion to $8.1 billion) including debt, they said.

While talks are advanced, they could still be delayed or even fall apart, the ...