Once completed, the transaction will make Orange the sole owner of Spanish telco MasOrange
In sum – what to know:
Full control – The €4.25 billion deal gives Orange 100% ownership of Spain’s leading convergent operator.
Strategic boost – Full ownership strengthens Orange’s footprint in Spain, its second-largest European market, under the “Lead the Future” plan.
Completion expected in 2026 – Binding agreement due by year-end 2025, followed by regulatory and employee consultations.
French telecom group Orange announced that it has reached a non-binding agreement with Lorca to acquire the remaining 50% stake in MasOrange, its joint venture in Spain, for €4.25 billion ($4.89 billion) in cash.
Once completed, the transaction will make Orange the sole owner of MasOrange, strengthening its position in Spain—its second-largest market in Europe—and accelerating its “Lead the Future” strategic plan.
“Orange confirms its long-term industrial commitment in Spain, and its confidence in MasOrange and its management to create value for all stakeholders,” the telco said.
A binding agreement is expected to be signed before the end of 2025, subject to agreement on final terms and conditions. The deal will then be reviewed by employee representatives and the relevant regulatory authorities, with completion anticipated in the first half of 2026, Orange added.
The JV was initially announced in July 2022 and was cleared by the European authorities in March 2024.
MasOrange recently said it has already achieved €259 million in synergies from its joint venture integration in the first nine months of the year — over half of the €500 million in savings targeted ahead of 2025.
MasOrange said it expected to exceed its full-year synergy goal of more than €300 million.
During the January-September period, total revenues rose 3.7% year-on-year to €5.66 billion, supported by solid growth across both residential and business markets. Adjusted Ebitda climbed more than 8% to €2.19 billion, marking the sixth consecutive quarter of Ebitda growth since the merger between Orange and MasMovil. The Ebitda margin reached nearly 39%
The telco added nearly 500,000 high-value customers during the first nine months of the year, including more than 383,000 new postpaid mobile users and around 100,000 new fiber subscribers. As of September, the company managed more than 33 million active lines, including 26.2 million mobile lines and 7.2 million fixed broadband connections.
