Orange signed a binding agreement to buy out its partner in Spanish venture MasOrange for €4.3 billion, finalising an initial deal signed at the end of October.

The transaction between Orange and Lorca, which is backed by investment companies Cinven, KKR and Equity Partners, is subject to regulatory approval and other closing conditions being met. It is expected to be completed in the first half of 2026.

Orange positioned the deal as accelerating a group-wide strategic plan while bolstering its position in its second largest market in Europe.

It added the move “confirms its long-term industrial commitment in Spain and its confidence in MasOrange and its management to create value for all stakeholders”.

MasOrange was formed from the combination of Masmovil and Orange’s operation in Spain in 2024.

Masmovil had been bought out by Lorca in 2020.

GSMA Intelligence data from Q3 places the operator as the largest in Spain by mobile connections with 26.2 million, ahead of Telefonica on 16.4 million and Zegona Communications-owned Vodafone Spain with 12.8 million.