Context
The transaction combines MASMOVIL and Orange España into a 50/50 joint venture, creating a unified corporate entity trading as MASORANGE. The strategic rationale is heavily rooted in localized market consolidation within a highly mature European telecommunications landscape. By integrating their operations, the two businesses create a combined platform capable of capturing more than €500 million in annual cost and network optimization synergies. The newly formed entity plans to leverage this enhanced financial flexibility to deploy approximately €4 billion in capital expenditure over a three-year post-merger horizon. This investment program will directly fund the accelerated rollout of next-generation 5G mobile technology to cover over 90% of the population, drive the physical expansion of its ultra-broadband fiber-optic network infrastructure, and facilitate the commercial launch of innovative, high-margin ancillary digital services across its expanded nationwide subscriber base.
MASORANGE, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the TMT (Tech, Media, Telecom) sector (14.9x).
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Target
MasOrange is a Spanish telecommunications operator with a leading position in the market, offering a comprehensive range of mobile telephony, fixed connectivity, and network solutions, with an extensive presence across the country, and a history marked by strategic mergers and acquisitions, including the merger of MásMóvil and Orange España in 2024, creating one of the largest independent fiber optic networks in Europe, with a high-quality product offering and high customer satisfaction, operating in a highly competitive market but with a solid reputation and strong market presence, with over 33 million lines and a strong commitment to innovation and service quality, having completed several network transactions and acquisitions throughout its history, including the acquisition of Euskaltel in 2021 and the merger with Vodafone Spain, with a commercial strategy focused on organic growth and the development of its product and service offering.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with MASORANGE
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 12/2025 | ORANGE | MASORANGE | SPAIN | Operators |
REFERENCES
Valuation range: EV 3b - 100b EUR
Revenue range: 5b - 100b EUR
EBITDA range: 1b - 3b EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: masorange