Post by BNP Paribas CIB

Orange has completed the acquisition of the remaining 50% stake in MásOrange from its co-shareholder Lorca for a cash consideration of €4.25 billion.   The MásOrange 50/50 joint venture between Orange and MásMóvil/Lorca was established in 2022, following the €18.6 billion merger of Orange España and MásMóvil. Lorca is an investment vehicle owned by Cinven, KKR, Providence and a Group of Spanish investors, including the MásOrange Management team.   MásOrange is Spain’s leading telecom operator by customer base, with over 33 million broadband and mobile customers, serving both the residential and business segments.   BNP Paribas acted as Sell-Side Financial Adviser to Lorca on the transaction, which closed on June 8 2026. Renaud-Franck Falce Luis Sancho Ferran Kim Tudor Claire Ramaharobandro Alberto Reyes Gonzalo Campuzano Gómez-Acebo Federico Baudín Vázquez-Gulías Tiago Pêdroso Jean-Philippe Rouane Augustin Corre Manuel Puig Masllorens Juan Díaz-Gálvez Bertrand Valet Eoghan Harrington Andrew Holloway Ignacio Gárate Thierry Dormeuil Mark Lynagh Valerie Jourdan David Villedieu Aurelien Dhallewyn Tim McCann Katherine Tarzian-Britt Will Kendall