Orange Spain and MásMóvil have completed a joint venture, marking the official launch of the newly established entity. According to statements from both companies, this partnership creates an operator that holds the largest customer base in the country.
In a joint statement, Orange and MásMóvil announced that they are now operating as a single legal entity with over 37 million mobile and broadband customers. Meinrad Spenger, CEO of MásMóvil, was appointed CEO of the new organization, while Jean-François Fallacher, CEO of Orange France, was named non-executive chairman.
The companies also revised their estimates, with annual synergies of more than EUR 490 million expected by the fourth year of the agreement's completion. This differs from the previously stated guidance of more than EUR 450 million for the same period. Orange's closing proceeds are expected to be around EUR 4.4 billion, while MásMóvil's shareholders will receive EUR 1.6 billion.
Orange and MásMóvil have "equal governance rights" in the new entity, which they describe as "a sustainable player with the financial capacity to continue investing in next-generation networks for the benefit of the market, consumers, and businesses in Spain."
Alberto Castañeda González, non-executive secretary of MásMóvil’s board of directors, has been named secretary of the joint venture's board. Ludovic Pech, CEO of Orange Spain, has been named CFO, with Germán López, GM of MásMóvil, joining as COO.
Christel Heydemann, CEO of Orange Group, stated that the agreement is "an important stepping-stone in the deployment of Orange's long-term strategic plan in Europe" and will boost "innovation and investment in high-speed broadband and digital services in Spain." She added, “This is clearly a positive step forward in our overall vision for a strong and thriving telecoms industry in Europe."
