MASORANGE acquired by ORANGE
Context
Orange SA has entered into a definitive agreement to acquire the remaining equity stakes held by Cinven, KKR, and Providence Equity Partners in MasOrange. This transaction represents a milestone corporate buyout and ownership consolidation for the Spanish telecommunications operator, which has achieved rapid growth and market penetration under the joint sponsorship of the private equity consortium. The acquisition thesis centers on executing a strategic, full-scale platform integration to secure absolute market leadership within the Iberian telecommunications landscape. By taking full ownership of MasOrange, the French tier-one operator eliminates the multi-sponsor joint venture framework, streamlining corporate governance and accelerating long-term infrastructure investment. The strategic rationale is highly focused on capturing deep post-merger operational and financial synergies, fully blending MasOrange’s assets with Orange’s existing national fiber and mobile networks. Backed by dedicated financial and legal advisors who steered the complex regulatory clearance and valuation protocols, this operation optimizes Orange's capital allocation, eliminates minority friction, and builds a consolidated, highly competitive digital services champion capable of driving sustainable, cash-generative growth.
In the past, Masorange was acquired by Orange / Cinven / Kkr in 2024 as part of its expansion strategy.
MASORANGE, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level than 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 |
|---|---|---|---|---|
| 10/2024 | ORANGE / CINVEN / KKR | 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
Acquirer: orange