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Orange has signed a binding agreement with Lorca to acquire full ownership of MasOrange, Spain’s leading operator in terms of customer base, through the acquisition of the remaining 50% stake in its Spanish joint venture for a price of 4.25 billion euros in cash. This announcement confirms the  non-binding agreement that was previously announced on 31 October.

This transaction will accelerate Orange’s strategic plan “Lead the Future” and further strengthen Orange’s position in Spain, the Group’s second-largest market in Europe. With full ownership, Orange confirms its long-term industrial commitment in Spain, and its confidence in MasOrange and its management to create value for all stakeholders.

The closing of the transaction is expected in the first half of 2026, subject to customary regulatory approvals and other closing conditions* recalled on 31 October. 

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For more information please refer to our 2024 Universal Registration Document filed with the French Autorité des marchés financiers available on our website, as well as the other risks, uncertainties and assumptions such as our ability to complete the acquisition, integrate the business and refinance the MasOrange debt at or after the closing.

*At closing, MasOrange will be fully consolidated in Orange’s accounts, including certain debt that is expected to be refinanced at or after the closing of the acquisition. Please refer to its website: https://masorange.es/en for more information on recent financial developments of MasOrange, including its financial statements for the nine months ended 30 September 2025 and presentation of 9M 2025 earnings, and press release MasOrange issued on 4 December 2025 on the new joint fiber optic network company PremiumFiber in which MasOrange holds 58%.