Orange strengthens its position in Spain
Orange has completed the acquisition of the 50% stake in MasOrange previously held by Lorca, its joint venture partner in Spain. The Group now owns 100% of the company. As a result, Orange will now fully consolidate MasOrange’s financial results into the Group’s accounts. The transaction follows the binding agreement signed on 12 December 2025 for a cash consideration of €4.25 billion.
A major step for Trust the future
This acquisition is an important milestone in our Trust the future strategic plan. Bringing MasOrange fully into the Group strengthens Orange’s position in one of its most important markets. Full ownership also gives us greater freedom to capture industrial and commercial synergies, with a clear objective: creating long-term value in a market that plays a central role in the Group’s future.
Acquiring full ownership of MasOrange is a strategic step of our Trust the future plan and strengthens Orange's position in Spain, our second-largest market in Europe.
A key market for the Groupe
Spain plays a central role in Orange’s growth story. Taking full ownership of MasOrange further strengthens that position. Today, MasOrange is Spain’s leading telecom operator in both customer numbers and customer satisfaction. This new structure gives us more room to invest, innovate, and scale capabilities across the business, in line with the priorities of Trust the future. It also creates a stronger foundation for future investment and innovation in one of Europe’s most competitive telecom markets.
(As of March 31, 2026)
Momentum is building
Collaboration between Orange teams and MasOrange is already delivering results. Orange Cyberdefense teams in Madrid and Barcelona are working with customers to help protect devices and services through advanced cybersecurity solutions. On the infrastructure side, TOTEM manages 7,400 telecom sites across the country. Orange Business and MasOrange have also developed joint activities that have already generated more than €30 million in revenue.
Stronger governance around MasOrange
As part of the transaction, Meinrad Spenger joins the Orange Executive Committee. His appointment reflects the strategic importance of Spain within the Group. It also brings MasOrange’s experience and perspective directly into Orange’s leadership team.
By becoming fully part of the Orange group, MasOrange now has an even stronger foundation for future growth. It will allow us to accelerate our momentum in the Spanish market, supported by a greater capacity for investment and innovation as well as global expertise.”
- Orange now owns 100% of MasOrange following the acquisition of Lorca’s remaining 50% stake.
- The transaction is part of the Trust the future strategic plan and is expected to accelerate value creation in Spain and across the Group.
- Meinrad Spenger joins the Orange Executive Committee, reflecting the strategic importance of Spain within Orange.
