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15 Dec 2025

Freshfields Advises Sale of 50% Stake in MasOrange to Orange for €4.25bn

"Freshfields advised Cinven, KKR and Providence, sponsors of Lorca, in a binding agreement for Orange, through its subsidiary Atlas Services Belgium, to acquire Lorca’s indirect 50% stake in MasOrange for €4.25bn. The deal marks a major milestone for MasOrange, which has become Spain’s largest consumer telecom operator with over 33 million lines."

Freshfields advised Cinven, KKR and Providence, the sponsors of Lorca, in a binding sale agreement under which Orange, through its wholly owned subsidiary Atlas Services Belgium, will acquire the entirety of Lorca’s indirect 50% stake in MasOrange. The transaction, agreed for €4.25bn, represents a significant milestone for Spain’s leading telecommunications operator by customer numbers. MasOrange was formed in 2024 as part of the combination of the telecommunications and accessories businesses of MásMóvil and Orange in Spain. The sale follows the sponsors’ 2020 partnership with local management and shareholders to facilitate the €5.3bn takeover bid for MásMóvil. Under the consortium’s ownership, MasOrange has grown to become the Spanish operator with the highest number of customers, now exceeding 33 million lines. During the sponsors’ investment period, MásMóvil and then MasOrange completed more than ten network transactions and seven acquisitions, including the transformative takeover bid for Euskaltel in 2021 and the combination of Orange’s telecommunications and ancillary businesses in Spain. Earlier this year MasOrange also merged its network assets with Vodafone Spain to create one of Europe’s largest independent fibre networks. Freshfields advised Cinven, KKR and Providence, sponsors of Lorca, with a team composed by: partner Armando Albarrán, senior associate Mario Pacini, associate Alberto Broseta and trainees Xabier León and Javier Martínez-Sapiña. From the Competition area, partners Álvaro Iza and Thomas Wessely (Brussels) participated together with associate Guillermo García-Ovies. Partner Bosco Montejo and senior associate Javier Sánchez advised on tax law issues. Ignacio Borrego (of counsel) and Pilar Aguilar (associate) advised on the Spanish regulatory aspects of the transaction.
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