Orange Acquires Remaining 50% of MasOrange from Lorca for €4.25 Billion
On Monday, Orange finalized the acquisition of the remaining 50% stake in MasOrange held by Lorca, becoming the sole owner of the Spanish operator. The French operator paid €4.25 billion in cash for this acquisition, allowing it to consolidate the full results of its Spanish subsidiary in its accounts.
Orange concluded the purchase of the 50% stake held by Lorca in MasOrange on Monday. This agreement, signed on December 12, 2025, involved a cash transaction of €4.25 billion. Orange received all necessary approvals to complete the transaction, including that from the European Commission. The group will now consolidate the full results of MasOrange in its consolidated accounts, turning the joint venture into a wholly-owned subsidiary.
This operation is part of the execution of the strategic plan 'Trust the Future.' It allows Orange to fully benefit from industrial, operational, and commercial synergies, according to the group's management. Spain, Orange's second-largest market in Europe, becomes a major strategic focus with full control.
MasOrange Strengthened by Its Full Integration into the Group
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MasOrange is currently the leading operator in the Spanish market in terms of customer volume and satisfaction. In the first quarter of 2026, it had 26 million mobile customers and 7.1 million fixed broadband customers. The operator uses some of the most advanced fiber and 5G mobile infrastructures in the Spanish market, enabling it to offer innovative services across the country.
Following the transaction, Meinrad Spenger, CEO of MasOrange, has joined the Executive Committee of the Orange Group. This appointment reflects the strategic importance of Spain for the group and recognizes his experience in telecommunications. After closing the transaction, Orange intends to refinance MasOrange's financial debt over time.
SectorTélécommunications›Services de Télécommunications
Context
Period
Period: 1T2026
Key reported figures
Revenue: 10095M€
EBITDA: 2601M€
Guidance from the release
Merci à tous les collaborateurs d'Orange pour ces beaux succès du premier trimestre.
Une performance commerciale soutenue en Afrique et Moyen-Orient, France et Europe.
Risks mentioned
Exposition limitée aux effets de la crise au Moyen-Orient.
Effet exceptionnel anticipé dans les objectifs 2026.
Opportunities identified
Lancement du plan Trust the future.
Prise de contrôle exclusive de MasOrange prévue d'ici fin juin.
Entrée en négociations exclusives avec Altice pour l'achat de SFR.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
