Orange has reached a non-binding agreement to acquire the remaining 50% of MasOrange, its Spanish joint venture with MásMóvil’s private-equity backers, for €4.25 billion in cash.
A binding deal is targeted by the end of the year, with completion expected in the first half of 2026, subject to customary approvals. Orange says the transaction can be funded without changing its dividend policy.
MasOrange was created in 2024 through the merger of Orange España and MásMóvil and is Spain’s largest operator by customers, with around 31 million mobile and 7 million fixed-broadband subscribers. Full ownership would consolidate Orange’s position in its second-largest market and effectively parks previous talk of a MasOrange IPO.
The stake would be purchased from funds advised by KKR and Cinven, and from Providence, which together currently own 50% of MasOrange. Orange says taking the JV in-house will simplify governance and support investment in 5G, fibre and converged offers as competition intensifies with Telefónica and Vodafone Spain.
Regulatory and antitrust clearances will be required.
