French telecom giant Orange has struck a non-binding agreement to buy the remaining 50% stake in its Spanish joint venture, MasOrange, for approximately €4.25 billion ($4.96 billion) in cash. The acquisition, expected to close in the first half of 2026 pending regulatory approval, will give Orange full ownership of Spain’s leading telecom operator by customer volume.
MasOrange was formed last year through the merger of Orange’s Spanish operations and MasMovil, which was controlled by U.S. private equity firms KKR, Cinven, and Providence. Since then, MasOrange has surpassed Telefonica as Spain’s largest telecom company and demonstrated strong financial performance, including €259 million in synergies achieved ahead of schedule and growing revenues.
With the full acquisition, Orange aims to reinforce its position in Spain—its second-largest European market—leveraging a stable economy driven by tourism, strong labor markets, European Union support, and lower energy costs. The deal underscores Orange’s confidence in MasOrange’s management and long-term value creation.
Orange has sufficient liquidity, including €4.4 billion raised from the merger, to fund this purchase without altering its dividend policy. This move also aligns with Orange’s broader strategic ambitions to consolidate its footprint in key markets across Europe
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