Orange has completed the acquisition of the remaining 50% stake in MasOrange held by joint venture partner Lorca, giving the telecommunications group full ownership of Spain’s largest operator by customer base.
The transaction follows a binding agreement signed in December 2025, under which Orange agreed to acquire Lorca’s stake for €4.25 billion. After securing all required approvals, including clearance from the European Commission, Orange now owns 100% of MasOrange and will fully consolidate the company’s financial results.
The acquisition represents a major step in Orange’s “Trust the Future” strategy and strengthens the group’s position in Spain, its second-largest market in Europe. Full ownership is expected to accelerate industrial, operational, and commercial synergies and enhance value creation.
MasOrange currently serves 26 million mobile customers and 7.1 million fixed broadband customers. The company operates one of Spain’s leading fiber and 5G infrastructures, providing connectivity and digital services to consumers, businesses, and public institutions across the country.
Following the transaction, Orange plans to refinance MasOrange’s debt over time.
As part of the integration, MasOrange Chief Executive Officer Meinrad Spenger will join Orange’s Executive Committee. His appointment highlights the strategic importance of Spain to the group and reflects his role in developing MasOrange into the country’s leading telecommunications operator.
Orange, which serves 340 million customers across 26 countries including MasOrange, generated €40.4 billion in revenue in 2025. The company is one of the world’s largest telecommunications operators and a leading provider of fiber broadband, enterprise services, and digital infrastructure.
KEY QUOTES:
“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. It paves the way for accelerated industrial, operational and commercial synergies, supporting greater value creation. With full ownership comes full agility, MasOrange can now move at full speed backed by the strength and scale of the Orange group.”
Christel Heydemann, Chief Executive Officer of Orange
“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. This is good news for the Spanish consumers, enterprises and public administrations, since we will continue to provide them high-quality and innovative services, while benefiting from the Orange group’s industrial strength and scale to create even more value in Spain.”
Meinrad Spenger, Chief Executive Officer of MasOrange
