Telefonica SA (TEF) is evaluating a potential expansion of its equity interest in FiBrasil, a Brazilian fiber-optic joint venture. The Spanish telecommunications group, currently owning 50% of FiBrasil, is considering acquiring some or all of the remaining stake held by Caisse de Depot et Placement du Quebec (CDPQ). This initiative comes amid a far-reaching strategic review aimed at simplifying Telefonica’s operational structure and sharpening its geographic priorities.