Orange completes 100% acquisition of MasOrange in Spain

Orange said on Monday it completed the acquisition of 100% of MasOrange in Spain after buying the remaining 50% stake held by Lorca, the investment vehicle of KKR, Cinven and Providence. MasOrange now moves from a joint venture structure to a wholly owned Orange subsidiary, and Orange said it will fully consolidate the Spanish operator in its financial results.

Orange said the transaction closed for €4.25 billion in cash. The company also paid €50 million in accrued dividends and about €412 million to acquire the nearly 10% stake held by former MásMóvil executives. Orange said it will assume €12.6 billion in MasOrange financial debt and plans to refinance that debt progressively. The report said the exiting private equity funds are expected to record a capital gain of €5.8 billion.

Orange said full control of MasOrange makes it Spain's largest operator by customer numbers, ahead of Telefónica. According to Q1 2026 figures cited in the report, MasOrange has 26 million mobile customers and 7.1 million fixed broadband customers. The binding agreement for the transaction was signed on 12 December 2025. The European Commission issued a favorable opinion after concluding the market share would not exceed 30%, Brussels also cleared the deal under the Foreign Subsidies Regulation (FSR), and Spain's Council of Ministers and Ministry of Economy approved the transaction on 21 April.

Related questions

• How much did Orange pay to acquire full control of MasOrange?
• How many mobile and fixed broadband customers does MasOrange have in Spain?
• Which regulatory approvals did Orange need to complete the MasOrange deal?