Separately, MasOrange’s fibre JV with Vodafone Spain is seeking an investor
The Financial Times reports [subscription needed] that the private equity backers of MasOrange are mulling the possibility of an initial public offering (IPO) in 2026, looking to “cash out some of their assets”.
MasOrange’s earnings report for its first full calendar year of operation, published in February, indicated that it is performing in line with expectations. It had total revenues of €7.388 billion in 2024, a 1.5% increase on the previous year. EBITDA increased 10.8% to €2.803 billion.
MasOrange said it expected to gain the projected synergies from the merger, having already saved about €120 million of the total projected €500 million savings. It added it is on schedule to exceed €300 million in savings in 2025.
Who owns MasOrange?
MasOrange was formed from the €20 billion merger of Orange Spain and MasMovil in 2022 to become Spain’s biggest operator. MasMovil was owned by KKR, Cinven and Providence Equity Partners. They bought MasMovil in 2020 for about €5 billion when it was Spain’s fourth largest operator behind Telefonica, Orange and Vodafone.
Citing unnamed sources, the FT article stressed that no final decision had been made.
Importantly, Orange has the option to buy a controlling stake in MasOrange at the IPO price.
Looking for fibre investor
Separately, MasOrange is apparently looking to sell as stake in the the fibre optic joint venture is announced in January, in partnership with Vodafone Spain. The two plan to build a fibre network that passes about 23 million premises. If an investor can be found, it will take a 40% stake, with MasOrange holding a 50% share and Vodafone Spain holding the remaining 10%.
Apparently the deal is expected to close in the first half of this calendar year.
