The French says it expects the deal to be completed in the first half of next year – Spain is Orange’s second biggest market in Europe after its home country
Orange has reached a non-binding agreement with Lorca to acquire full ownership of MasOrange by acquiring the remaining 50% stake in its Spanish joint venture for €4.25 billion in cash. Lorca is a private equity group that includes KKR, Cinven and Providence Equity Partners. The signing of a binding agreement is expected before the end of 2025 and will be conditional upon the agreement on the final terms and conditions.
This transaction will accelerate Orange’s strategic plan Lead the Future which it set out in February 2023. It will also strengthen Orange’s position in Spain, the group’s second-largest market in Europe after France.
With full ownership, “Orange confirms its long-term industrial commitment in Spain, and its confidence in MasOrange and its management to create value for all stakeholders,” the press release states.
The transaction will be presented to the relevant employee representative bodies. It will then have to be cleared by the relevant regulatory authorities. The completion date is expected in H1 2026.
MasOrange was formed by the 50:50 merger of Orange España and MásMóvil Group which completed in 2024.
