Orange has completed the acquisition of the remaining 50 percent stake in MasOrange from its joint venture partner Lorca, securing full ownership of Spain’s largest telecom operator by customer base. The transaction, valued at €4.25 billion in cash, marks a major milestone in Orange’s strategy to strengthen its position in Spain, its second-largest market in Europe.
The acquisition follows a binding agreement signed on December 12, 2025, and received all required regulatory approvals, including clearance from the European Commission. With the deal now closed, Orange owns 100 percent of MasOrange and will fully consolidate the operator’s financial results in its accounts.
Orange CEO Christel Heydemann said the acquisition is a key step in the company’s “Lead the Future” strategy, enabling faster industrial, operational and commercial synergies while enhancing value creation. Full ownership gives MasOrange greater flexibility to accelerate growth initiatives with the support of Orange’s global scale and resources.
MasOrange CEO Meinrad Spenger said becoming a wholly owned Orange subsidiary provides a stronger platform for expansion, investment and innovation in the Spanish market. He added that customers, enterprises and public administrations in Spain will benefit from enhanced connectivity services and the backing of Orange’s international expertise.
As part of the transaction, Meinrad Spenger will join Orange’s Executive Committee, underscoring the strategic importance of Spain within the group’s European operations.
MasOrange is currently the leading telecom operator in Spain in terms of customer base and customer satisfaction. At the end of the first quarter of 2026, the company served 26 million mobile customers and 7.1 million fixed broadband customers. It operates one of Spain’s most advanced fiber and 5G networks, providing connectivity services to consumers, businesses and public sector organizations nationwide.
The acquisition strengthens Orange’s long-term commitment to Spain and enhances its ability to capture synergies, expand market opportunities and support future growth. Following the completion of the deal, Orange also plans to refinance MasOrange’s financial debt over time as part of its broader financial strategy.
SHAFANA FAZAL
