Orange is back in the spotlight. The French company has begun taking significant steps to acquire 100% of MasOrange, the giant born from the merger between Orange España and MásMóvil. This move, which has been in the operator's plans for some time, could completely transform the sector's landscape in Spain.
It has already initiated the process to seek investment banks that will offer the necessary support to carry out this operation. The goal is clear: to acquire the half of MasOrange that it doesn't yet control. This part is currently in the hands of several international funds and some key executives of the group.
Specifically, 40.3% belongs to funds like Cinven, KKR, and Providence. Meanwhile, 9.7% is controlled by MasOrange's own executives and Spanish shareholders.
Orange will thus complete the merger process
Orange has started to make decisive moves. According to sources close to the operation, the company is designing a solid offer that will allow it to take full control of MasOrange. This would be the definitive step of a merger that, although it was already a milestone in 2024, has not yet completed its course.
Experts point out that this purchase will not be particularly complicated to execute, as long as the operator acts quickly. The company wants to get ahead of possible moves by the current partners. From March 26, 2026, shareholders will have the legal right to sell their shares.
Until that date, as agreed in the creation of MasOrange, no share sales can be made. However, starting in September 2025, it is possible to begin preparing an initial public offering (IPO), which would open an 18-month period to execute it.
Orange's intention is to close this operation before February 2026, when its Capital Markets Day will take place. It would be an ideal moment to show its solidity to investors and strengthen its position as one of the major operators in Europe.
Important step by Orange
With this move, Orange seeks not only full control of MasOrange. It also aims to advance in the sector's consolidation process taking place in Europe. If the operation succeeds, it will strengthen its presence in the Spanish market and open the door to new business opportunities.
What is happening with Orange and MasOrange is not just a financial operation. It is a deep restructuring that will change the rules of the game in the sector. That's why half of Spain is closely watching every step Orange takes.