Orange acquires Lorca's 50% stake in MasOrange
- Acquirer
- Orange
- Target
- Lorca's 50% stake in MasOrange
- Deal Value
- $4.9B (€4.25B)
- Status
- Completed
- Announced
- October 31, 2025
What happened
Orange announced a non-binding agreement to acquire Lorca JVCO's 50% interest in MasOrange for €4.25 billion in cash, giving Orange full ownership of Spain's largest operator by subscribers. Lorca — the vehicle of former MásMóvil shareholders KKR, Cinven, and Providence — exited the joint venture created by the 2022 Orange-MásMóvil merger. A binding agreement followed on December 12, 2025, and after EU clearance Orange completed the acquisition on June 8, 2026, taking 100% ownership of MasOrange.
Why it matters
The 2022 merger's real endgame arrives: the private equity side cashes out and the strategic takes full control. The implied valuation prices MasOrange well below the combined entry values, a sober data point on what Spanish telecom is worth after the price wars. For Orange, consolidating Spain's market leader transforms its second-largest market from a shared experiment into a wholly owned asset — and gives Brussels its clearest evidence yet of how four-to-three consolidation ends.
Source: Orange
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