This transaction follows the signing of a binding agreement with Lorca (owned by private equity funds Cinven, KKR, and Providence) on 12 December 2025, under which Orange agreed to acquire full ownership of MasOrange for a cash consideration of 4.25 billion euro. Since then, Orange has obtained all the necessary approvals for the transaction to be completed, including from the European Commission.

Christel Heydemann, Chief Executive Officer of the Orange group, said, “Acquiring full ownership of MasOrange is a strategic step of our Trust the future plan and strengthens Orange’s position in Spain, our second-largest market in Europe. It paves the way for accelerated industrial, operational, and commercial synergies, supporting greater value creation. With full ownership comes full agility; MasOrange can now move at full speed backed by the strength and scale of the Orange group.”

Meinrad Spenger, chief executive officer of MasOrange, added, “By becoming fully part of the Orange group, MasOrange now has an even stronger foundation for future growth. It will allow us to accelerate our momentum in the Spanish market, supported by a greater capacity for investment and innovation as well as global expertise. This is good news for the Spanish consumers, enterprises, and public administrations, since we will continue to provide them high-quality and innovative services while benefiting from the Orange group’s industrial strength and scale to create even more value in Spain.”

As a follow-up to this transaction, Meinrad Spenger will join the Orange Group’s Executive Committee. This appointment reflects the strategic importance of Spain for the Group and will further leverage his recognized experience in the telecommunications market and his leadership in advancing MasOrange’s development.

MasOrange is currently the leading operator in the Spanish market by customer base and customer satisfaction. At the end of Q1 2026, it had 26 million mobile customers and 7.1 million fixed broadband customers. The venture relies on the most advanced leading fiber and 5G mobile infrastructure, enabling it to provide high-quality connectivity and other innovative services across the European country to meet the needs of public administrations, consumers, and business customers.

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