Orange acquires 100% ownership of MasOrange, the leading operator in Spain

Press release
Paris, 8 June 2026

Orange acquires 100% ownership of MasOrange, the leading operator in Spain

• Orange completes the acquisition of the remaining 50% of MasOrange’s capital held by its co-shareholder Lorca.
• This transaction marks a key milestone in the execution of the Trust the future strategic plan and will enable Orange to fully benefit from industrial and commercial synergies, supporting further value creation in Spain, the Group’s second-largest market.
• Meinrad Spenger, Chief Executive Officer of MasOrange, will join the Orange Group’s Executive Committee.
  
  

Orange today announced that it has completed the acquisition of the 50% stake in MasOrange held by Lorca, its joint venture partner in Spain. The Group now owns 100% of the operator’s capital and will fully consolidate MasOrange’s results in its financial statements from going forward.

This transaction follows the signing of a binding agreement with Lorca on 12 December 2025, under which Orange agreed to acquire full ownership of MasOrange for a cash consideration of €4.25 billion. Since then, Orange has obtained all the necessary approvals for the transaction to be completed, including from the European Commission.

A key milestone in the Group’s strategy in Spain
Christel Heydemann, Chief Executive Officer of the Orange group, said: “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.”

Meinrad Spenger, Chief Executive Officer of MasOrange, added: “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.”

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