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The buyout would come less than two years since the merger
On Friday, Orange announced that it had reached a non-binding agreement to acquire full control of its joint venture with MasMovil, called MasOrange.
The deal would see the Frech telecoms group purchase the 50% stake it does not own from MasMovil’s private equity owners KKR, Cinven, and Providence, for €4.25 billion.
A binding agreement is expected before the end of the year, with Orange hoping to complete the transaction in H1 2026.
MasOrange was formed by the €22 billion merger of Orange and MasMovil’s Spanish units in 2024. It created the country’s largest telco, with around 1 million mobile and 7 million fixed-broadband subscribers.
Previous rumours had suggested that the joint venture’s private equity owners were preparing for an Initial Public Offering (IPO), with anonymous sources saying they were looking to “cash out some of their assets”.
Both Orange and MasMovil have the right to initiate an IPO process from April 2026, as per their agreement.
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