Orange Plans $4.9B Buyout of MasOrange to Strengthen Spain Presence

French telecom giant Orange has agreed to buy the remaining 50% stake in its Spanish joint venture MasOrange for approximately $4.9 billion, gaining full ownership of the business. The stake is currently held by U.S. private equity firms including KKR, Cinven, and Providence. MasOrange, formed from a merger between Orange's Spanish unit and MasMovil, has become Spain's largest telecom operator by customer numbers, surpassing Telefonica. Orange intends to sign a binding agreement by the end of 2025 and aims to complete the acquisition in the first half of 2026, subject to regulatory approvals. The acquisition will strengthen Orange's position in Spain, its second-largest European market, supported by strong economic factors such as tourism, labor market, and EU funding. Orange has sufficient liquidity for the purchase and plans to maintain its dividend policy following the deal.