KKR, Cinven, and Providence Equity Partners are exploring an IPO of Spanish telecoms operator MasOrange, following a $21.6bn merger between Orange España and MásMóvil in 2022.

The listing, under early-stage consideration, could take place as soon as 2026 once a two-year lock-up period expires. Under the terms of the merger, either Orange or the private equity consortium can trigger an IPO after April 2026. If initiated, Orange retains the option to acquire a controlling stake at the IPO price, paving the way for a full exit for KKR, Cinven, and Providence.

MasOrange, now Spain’s largest mobile network operator, was created when the buyout trio merged MásMóvil—acquired in 2020 for €5bn—with Orange’s Spanish business. The combined entity has continued to perform in line with expectations, fuelling speculation among investors that an IPO could be a timely value realisation move.

A successful listing would inject much-needed momentum into Europe’s dormant IPO market, where private equity firms are currently holding a record volume of unsold assets. Learn more about acquisitions and exits in the Iberia area by joining the Iberia Private Equity Conference in Madrid.

In parallel, MasOrange is seeking to sell a 40% stake in a new fibre venture launched with Vodafone Spain. The network, targeting coverage of more than 12m premises, will see MasOrange retain a 50% stake, Vodafone 10%, and the new investor 40%. That transaction is expected to close in H1 2025.

Orange confirmed that the shareholder agreement allows for a listing post-April 2026, contingent on market conditions. KKR, Cinven, and Providence declined to comment.

The MasOrange IPO would mark one of the most significant private equity exits in the European telecoms sector in recent years.