Orange has closed the purchase of the 50% of MasOrange that was still in the hands of Lorca, its partner in the 'joint venture' in Spain, for 4,250 million euros in cash, thus becoming the owner of 100% of the operator, as the French group communicated this Monday.
With this operation, the telecommunications multinational will integrate the entirety of MasOrange's results into its consolidated accounts from now on.
The transaction culminates the binding agreement signed with Lorca on December 12, by which Orange committed to acquiring 100% of MasOrange for a price of 4,250 million euros.
Since the signing of the pact, the company has been obtaining all the necessary regulatory authorizations to close the purchase, including the approval of the European Commission.
"Acquiring full ownership of MasOrange is a strategic step in our 'Trust the future' plan and strengthens Orange's position in Spain, our second largest market in Europe," said the CEO of the Orange group, Christel Heydemann.
The executive stressed that the operation will allow for the acceleration of industrial, operational, and commercial synergies and will favor greater value creation. "With full ownership comes full agility; MasOrange can now move forward at full speed backed by the strength and scale of the Orange group," she remarked.
Boost to growth in the Spanish market
The CEO of MasOrange, Meinrad Spenger, emphasized that, by being fully integrated into the Orange group, "MasOrange now has an even stronger foundation for future growth."
"This will allow us to accelerate our momentum in the Spanish market, supported by greater investment and innovation capacity, as well as global experience. This is good news for Spanish consumers, businesses, and public administrations, as we will continue to offer them innovative and high-quality services, while benefiting from the industrial strength and scale of the Orange group to create even more value in Spain," he explained.
Following this acquisition, Spenger will become part of the Orange group's executive committee, a "designation that reflects the strategic importance of Spain for the multinational and will further leverage his recognized expertise in the telecommunications market and his leadership in driving the development of MasOrange," the company indicated.
Once the transfer is completed, the group plans to progressively refinance MasOrange's financial debt.