Orange to acquire Lorca’s 50% stake in MasOrange for EUR4.25B in cash

Orange (ORANY) has reached a non-binding agreement with Lorca to acquire full ownership of MasOrange through the acquisition of the remaining 50% stake in its Spanish joint venture for a price of EUR4.25B in cash. 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 signing of a binding agreement is expected before the end of 2025 and will be conditional upon the agreement on the final terms and conditions. The transaction will be presented to the relevant employee representative bodies. It will then have to be cleared by the relevant regulatory authorities. The completion date is expected in 1H26.