MÁSMÓVIL IBERCOM, S.A. Orange S.A. (ENXTPA:ORA) and MásMóvil Ibercom, S.A. said on March 8, 2022 they had entered into exclusive talks to combine their businesses in Spain, a deal that would reduce the number of operators in the ultra-competitive Spanish market. The new entity would take the form of a 50-50 joint venture with a combined enterprise value of €19.6 billion ($21.28 billion), the two companies said in a statement. The combined entity would generate revenue of more than €7.5 billion ($8.14 billion).
Annual synergies should reach an annual rate of 450 million euros from the third year after closing. “I look forward to creating this joint-venture with MasMovil, building on our existing successful collaboration, to become a stronger player capable of making the investments required to develop the Spanish market,” Orange Chief Executive Officer Stephane Richard said.
