Freshfields Advises Cinven, KKR and Providence on Sale of 50% Stake in MasOrange for €4.25bn

Freshfields advised Cinven, KKR and Providence, the sponsors of Lorca JVCo Limited, in relation to the binding sale agreement under which Orange, through its wholly owned subsidiary Atlas Services Belgium, will acquire the entirety of Lorca's indirect stake in MasOrange. Under the terms of the agreement, Lorca will receive total cash proceeds of €4.25 billion. The transaction represents a significant milestone for Spain's largest telecommunications operator by customer numbers. Background: In 2020 Cinven, KKR and Providence partnered with local management and shareholders to facilitate the €5.3 billion takeover bid for MásMóvil. MasOrange was formed in 2024 as part of the combination of the telecommunications and accessories businesses of MásMóvil and Orange in Spain. Since the consortium's acquisition, MasOrange has grown to exceed 33 million lines and has completed more than ten network transactions and seven acquisitions, including the transformative takeover bid for Euskaltel in 2021. Earlier this year MasOrange also created one of Europe's largest independent fibre networks by merging its network assets with those of Vodafone Spain. Freshfields represented Cinven, KKR and Providence, sponsors of Lorca JVCo Limited, with a team composed by: partner Armando Albarrán (M&A, Madrid); senior associate Mario Pacini (M&A, Madrid); associate Alberto Broseta (M&A, Madrid); trainees Xabier León and Javier Martínez-Sapiña (trainees, Madrid). Partners Álvaro Iza and Thomas Wessely (Brussels) and associate Guillermo García-Ovies advised on competition matters. Partner Bosco Montejo and senior associate Javier Sánchez advised on tax law issues. Ignacio Borrego (of counsel) and Pilar Aguilar (associate) advised on Spanish regulatory aspects.

Freshfields Advises Cinven, KKR and Providence on Sale of 50% Stake in MasOrange for €4.25bn

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