Orange cleared to take full control of MasOrange
April 21, 2026
From David Del Valle in Madrid
Orange has secured approval from the Spanish government to acquire full ownership of MasOrange, paving the way for the French operator to complete the merger.
The authorisation, granted through Spain’s Council of Ministers and Ministry of Economy, allows Orange to purchase the remaining 50 per cent stake in MasOrange still held by Lorca, the investment vehicle backed by private equity funds Providence, Cinven and KKR & Co. The move will give Orange complete control of the business created through the merger of Orange Spain and MásMóvil.
The government’s approval removes one of the final hurdles to the takeover. Orange is now expected to exercise its purchase option over Lorca’s holding in a transaction valued at €4.25 billion, based on terms agreed on October 31st 2025. A further €50 million is expected to be paid in accrued dividends to the outgoing shareholders.
Earlier this April, the European Commission Directorate-General for Competition also cleared the transaction following a Phase 1 review, concluding that the merger would not materially distort competition in Spain’s telecoms market, where the combined group’s share remains below 30 per cent.
The only remaining step is approval under the EU’s Foreign Subsidies Regulation (FSR), which examines whether companies involved in major transactions have benefited from unfair state support outside the bloc.
According to Cinco Días newspaper, officials in Brussels are said to be treating the matter as a fast-track review, with a final decision expected before the legal deadline of May 14th.
Once completed, Orange will be able to fully consolidate its Spanish assets into its global accounts and simplify its balance sheet.
No immediate management changes are expected. Meinrad Spenger will remain chief executive of MasOrange, continuing to oversee the Spanish business after previously leading MásMóvil’s rapid expansion.
In a sign of Spain’s growing strategic importance within the group, Spenger is also set to join Orange’s global executive committee and report directly to Christel Heydemann.
The move elevates the status of the Spanish unit within Orange’s corporate structure and reflects the company’s view of Spain as a key market for future profitability and next-generation network investment.
For Providence, Cinven and KKR, the sale marks the end of their involvement in the operator after years backing MásMóvil’s rise and its eventual merger with Orange.
With Madrid’s approval now secured and Brussels expected to sign off shortly, Orange is preparing to finalise the share transfer immediately after the EU review, making full control effective before mid-May.
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