Orange has moved closer to full ownership of Spanish telecoms group MásOrange after agreeing to buy Lorca’s 50% stake for $5bn. 

The transaction will see private equity owners Cinven, KKR, and Providence exit the business.

The agreement follows a non-binding deal signed in October and is now binding. Orange expects to complete the acquisition in the first half of 2026.

Lorca was formed as the joint venture vehicle following the merger of Orange Spain and MásMóvil last year. The transaction created Spain’s largest mobile operator and valued the combined group at $21.85bn.

Orange said: “This transaction will accelerate Orange’s strategic plan, ‘Lead the Future,’ and further strengthen Orange’s position in Spain, the Group’s second-largest market in Europe. With full ownership, Orange confirms its long-term industrial commitment in Spain, and its confidence in MasOrange and its management to create value for all stakeholders.”

The deal marks a significant private equity exit for Cinven, KKR, and Providence from one of Europe’s largest telecoms consolidation plays.

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