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Wednesday, July 24, 2024

Orange and MASMOVIL Partner to Expand Presence in Spain

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In Short:

Orange and MASMOVIL have joined forces to create a new joint venture in Spain, gaining approval from the European Commission to merge operations in February. With each company holding a 50% stake, the JV will become a major player in Spain’s telecom sector with over 37 million subscribers. The new entity will focus on talent, innovation, and network investments to benefit both residential and business customers, with estimated synergies of over EUR 490 million per year.

Orange and MASMOVIL Announce Joint Venture in Spain
Orange and MASMOVIL have announced the formation of a new Joint Venture (JV) in Spain after finalizing their agreement to merge operations. The European Commission has granted clearance for this merger in February. The JV, with each company holding a 50 percent stake, will become a key player in the Spanish telecom sector with over 37 million broadband and mobile subscribers.

Strategic Priorities

The new entity aims to prioritize talent, user experience, innovation, environmental and social impact, as well as fiber and mobile coverage. Continued investments in networks will benefit both residential and business customers. The JV is projected to generate synergies of more than EUR 490 million annually by the fourth year after closing.

Leadership Appointments

Former CEO of Orange Spain, Jean Francois Fallacher, will serve as the non-executive Chairman, while longtime CEO of MASMOVIL, Meinrad Spenger, has been appointed as the CEO of the JV. Ludovic Pech and German Lopez will join as CFO and COO, respectively.

The CEO of the JV expressed dedication to serving their 30 million customers with innovative solutions. Orange’s CEO highlighted the importance of this joint venture in driving innovation and investment in broadband and digital services in Spain, aligning with their long-term strategic plan for Europe.

Orange confirmed that the companies will now operate as a single entity, with the JV becoming operational immediately.

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