Orange has signed a binding agreement with Lorca to acquire full ownership of MasOrange, Spain's leading operator in terms of customer base, through the acquisition of the remaining 50% stake in its Spanish joint venture for a price of 4.25 billion euros in cash. This announcement confirms the  non-binding agreement that was previously announced on 31 October.

 

This transaction will accelerate Orange's strategic plan “Lead the Future” and further strengthen Orange's position in Spain, the Group's second-largest market in Europe. With full ownership, Orange confirms its long-term industrial commitment in Spain, and its confidence in MasOrange and its management to create value for all stakeholders.

The closing of the transaction is expected in the first half of 2026, subject to customary regulatory approvals and other closing conditions* recalled on 31 October. 

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For more information please refer to our 2024 Universal Registration Document filed with the French Autorité des marchés financiers available on our website, as well as the other risks, uncertainties and assumptions such as our ability to complete the acquisition, integrate the business and refinance the MasOrange debt at or after the closing.

*At closing, MasOrange will be fully consolidated in Orange's accounts, including certain debt that is expected to be refinanced at or after the closing of the acquisition. Please refer to its website: https://masorange.es/en for more information on recent financial developments of MasOrange, including its financial statements for the nine months ended 30 September 2025 and presentation of 9M 2025 earnings, and press release MasOrange issued on 4 December 2025 on the new joint fiber optic network company PremiumFiber in which MasOrange holds 58%. 

About Orange

About Orange Orange is one of the world’s leading telecommunications operators. The Group aims to be the trusted partner for everyday digital life by providing individuals, businesses and communities with reliable connectivity and innovative services. As of the end of 2025, Orange connects 340 million customers (including MasOrange) across 26 countries and generated 40.4 billion euros in revenues.
As a trusted player, Orange leverages the excellence of its very high-speed broadband networks to deploy digital infrastructure in Europe, Africa and the Middle East. The Group is a European leader in fiber, with 100 million connectable households, and convergent offers. In France, Orange connects 34 million customers and was ranked No. 1 by the regulator Arcep for the quality of its mobile network for the 15th consecutive year. In Africa and the Middle East, the Group’s growth engine, Orange serves nearly 180 million customers and promotes digital and financial inclusion through its connected solutions.
Under the Orange Business brand, the Group supports companies in transforming their networks as well as in AI, trusted cloud and cybersecurity. Orange is also a major player in the wholesale market, where it has a leading global telecom infrastructure and significant capabilities for deploying and operating submarine cables. A committed innovator, Orange relies on 700 researchers and holds a portfolio of 11,000 patents.

Orange is listed on Euronext Paris (symbol ORA). More information: www.orange.com. 

Orange and any other Orange product or service names mentioned in this material are trademarks of Orange or Orange Brand Services Limited.