Orange has made a preliminary offer of around €4 billion to acquire the remaining 50 per cent of MasOrange from private equity firms Cinven, KKR, and Providence.The French telco already owns half of the Spanish operator, and the deal – if finalised – would give Orange full control of MasOrange, the company resulting from the merger between Orange España and MásMóvil.The offer has been presented to Lorca Telecom, the holding company backed by the three investment funds.The proposed transaction, which includes an estimated €6 billion in debt, would bring the total value of the operation to over €10 billion- making it one of the most significant moves in the European telecom sector in recent years.The future of MasOrange remains open, with both sides weighing options that include a potential IPO, a secondary sale, or the entry of a third-party investor. However, industry sources suggest that a full acquisition by Orange is the most likely scenario – a step that would mark the end of a cycle that began in 2020, when the investment funds took control of MásMóvil for €3 billion, plus an additional €2 billion in liabilities.The funds are reportedly seeking a valuation of between €4.8 and €4.9 billion for their 50 per cent stake, a figure that exceeds Orange’s initial bid.According to Cinco Días, the average valuation for MasOrange currently stands at €12.374 billion.If successful, the deal would consolidate Orange’s position in the Spanish market, allowing it to compete more effectively in a sector undergoing rapid consolidation and technological transformation.
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