Orange Completes €4.25 Billion Buyout of MasOrange to Take 100% Control of Spain’s Largest Telecom Operator
French telecommunications giant Orange has finalized the acquisition of the remaining 50% stake in MasOrange from its joint venture partner, Lorca. With this transaction, Orange takes 100% ownership of MasOrange, officially becoming the sole owner of Spain’s largest telecom operator by customer base.
The transaction materializes the binding agreement signed between Orange and Lorca on December 12, 2025, which valued the 50% stake at €4.25 billion in cash. Over the past months, Orange secured all mandatory regulatory clearances, including unconditional approval from the European Commission. Following the official transfer of full ownership, Orange confirmed it will fully consolidate MasOrange’s financial results into its financial statements starting immediately.
Transaction and Operational Overview:
Metric / ParameterValue / Detail
Acquisition Stake / ValueRemaining 50% for €4.25 Billion Cash (100% total ownership)
Strategic FrameworkOrange Group’s "Trust the Future" Strategic Plan
Spain Market Ranking#1 Telecom Operator by customer base (Orange's 2nd largest European market)
Mobile Subscribers (Q1 2026)Approximately 26 Million active users
Fixed Broadband Subscribers7.1 Million active users
Infrastructure CapabilityTop-tier Fiber-to-the-Home (FTTH) and extensive nationwide 5G networks
Executive Statements
"The full acquisition of MasOrange is a milestone for our 'Trust the Future' strategic plan," said Christel Heydemann, CEO of Orange Group. "Spain is our second-largest market in Europe. Gaining 100% ownership allows us to accelerate industrial, operational, and commercial synergies, unlocking substantial value for the Group while giving MasOrange the agility needed to capture market opportunities backed by our global scale."
"Fully joining the Orange Group provides us with an incredibly strong foundation for future growth," added Meinrad Spenger, CEO of MasOrange. "This buyout enhances our investment and innovation capacities by leveraging Orange's global expertise. It is a highly positive development for Spanish consumers, businesses, and public administrations who rely on our advanced 5G and fiber infrastructure."
As part of the post-merger corporate restructuring, Orange announced that Meinrad Spenger will join the Group's Executive Committee, reflecting the strategic weight of the Spanish market. Looking ahead, Orange disclosed plans to gradually refinance MasOrange’s existing financial debt to optimize capital structure efficiency and support sustainable regional growth.
