Catenaa, Friday, November 07, 2025- Orange Group will acquire full ownership of MasOrange by buying out equity firm Lorca for €4.25 billion in cash, strengthening its position in Spain, the company’s second-largest European market.
The French telecom giant said the move supports its “Lead the Future” plan aimed at driving value from core operations and achieving sustainable growth across its markets.
Orange added the transaction reaffirms its long-term commitment to Spain and confidence in MasOrange’s management.
The deal, announced Tuesday, is currently non-binding, but a definitive agreement is expected before the end of the year once final terms are settled.
MasOrange, formed from the merger of Orange Spain and Masmovil, is Spain’s telecom market leader with over 32 million mobile customers and 7.4 million fixed broadband subscribers, according to Omdia.
When the merger closed, the combined company was valued at about €18.6 billion. Analysts say this latest step reflects a broader wave of consolidation in Europe, as operators seek efficiency gains and stronger profitability in competitive markets.
The European Commission approved the original merger in early 2024 under conditions requiring spectrum divestiture and new roaming agreements.
