Orange & MásMóvil (joint venture) acquires Combined Spanish operations (now MasOrange)
- Acquirer
- Orange & MásMóvil (joint venture)
- Target
- Combined Spanish operations (now MasOrange)
- Deal Value
- $19B
- Status
- Completed
- Announced
- July 23, 2022
What happened
Orange and MásMóvil signed an agreement to combine their Spanish operations in a 50-50 joint venture with a combined enterprise value of €18.6 billion — Orange Spain valued at €7.8 billion and MásMóvil at €10.9 billion. After a lengthy EU antitrust review that forced spectrum remedies for Digi, the merger completed in March 2024 as MasOrange, instantly the largest operator in Spain by subscribers.
Why it matters
Europe's regulators had blocked four-to-three consolidation for a decade; this deal was the test case that finally went through. The price of approval — spectrum handed to an upstart — wrote the modern playbook: in-market consolidation is possible if you arm a challenger on the way out. Every European market with four networks has been re-running this math since.
Source: Orange
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