KKR and Singapore’s GIC have advanced to the final stage in the auction for a majority stake in the €12–14bn joint venture combining Orange and MásMóvil’s Spanish telecom operations, according to sources cited by Bloomberg.

The process, managed by financial advisers appointed earlier this year, has narrowed to four private equity bidders, with KKR and GIC among the frontrunners. Binding bids are due by late July, with the deal expected to close before year-end, pending regulatory approvals in Spain and the EU.

The merged entity serves more than 20 million mobile and broadband users and is positioned as a key player in Spain’s telecom landscape. The sale is part of a broader effort by Orange and MásMóvil to deleverage and streamline their operations. Both companies will retain minority stakes and board representation in the joint venture.

Activist investor Zegona Communications, a significant minority shareholder in MásMóvil, will roll its interest into the new venture and remain a cornerstone investor. Zegona’s continued involvement is seen as a source of governance stability and strategic alignment.

For KKR and GIC, the deal represents a rare opportunity to secure scale in a regulated infrastructure asset with resilient cash flows and upside from Spain’s 5G and fibre expansion. KKR brings deep experience in telecom and infrastructure globally, while GIC’s participation underscores its growing commitment to European digital assets.

Source: Bloomberg

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