Determined to take the bull by the horns in the Spanish market, Orange is playing the role of consolidators, marrying its operations with its rival MasMovil. After five months of exclusive negotiations, the two groups signed an agreement to create a joint venture owned 50-50 with equal management rights for each. The new entity, valued at 18.6 billion euros (7.8 billion for Orange and 10.9 billion for MasMovil), will become the second largest operator in the country, after Telefonica, with 37.7 million subscribers (24, 8 million with mobile phones, 7.1 million with fixed and about 1.5 million customers with converged offers).
“This new operator will be stronger and able to invest in 5G and fiber for the benefit of customers across Spain.” commented Orange’s new CEO Christel Heidemann, who is completing his first major operation since taking over. The two companies estimate synergies at 450 million…
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.