Marks successful exit from Spain’s telecommunications operator with the highest number of subscribers

Cinven, KKR and Providence, the sponsors of Lorca JVCo (“Lorca”), the entity through which they indirectly own 50% of MasOrange, today announced they have reached a binding agreement for Orange to acquire Lorca’s stake. The transaction represents a significant milestone for Spain’s telecommunications operator with the highest number of subscribers.

Under the terms of the agreement, Lorca will receive total cash proceeds of €4.25 billion.

In 2020, Cinven, KKR and Providence strategically partnered with management and local shareholders to facilitate the €5.3 billion take-private of MásMóvil. MasOrange was formed in 2024 by the merger of MásMóvil and Orange España, with Orange Group owning 50% of the combined group and Lorca the remaining half.

At the time of the take-private, MásMóvil was the fourth largest player in the Spanish telecoms market with more than 11 million customers. Under the consortium’s ownership, MasOrange has developed into the telecommunications operator with the highest number of subscribers in Spain, serving over 33 million lines. The sponsors have partnered closely with management to organically grow the business, develop a top-quality product offering and customer satisfaction, as well as reduce churn. Over the course of the sponsors’ investment, MásMóvil also completed more than ten network transactions and seven accretive acquisitions including the transformative take-private of Euskaltel in 2021 and the merger with Orange España in 2024. Earlier this year, MasOrange also created one of the largest independent fibre networks in Europe by merging its network assets with those of Vodafone Spain.


Miguel Segura and Thomas Railhac, Partners at Cinven said: “Our journey with MasOrange has been an extraordinary one. We are immensely proud to have played a role in building Spain’s leading telecommunications operator, driving innovation and delivering meaningful value to millions of customers and we are delighted to see MasOrange well-positioned for a bright future ahead.”

Iñaki Cobo, Partner at KKR and Head of Iberia, said: “Since 2020, MasOrange has undergone a transformation from a challenger brand, growing into Spain’s leading telecommunications operator. We’ve been delighted to have played a role in accelerating the growth of a company powering vital, market-leading connectivity for millions of citizens and businesses, alongside our consortium partners and the exceptional team at MasOrange.”

Robert Sudo, Managing Director, Providence, who first invested in MásMóvil in 2016, said: “Over the past nine years, our investment in MasOrange has exemplified our specialist approach and ability to identify compelling opportunities in the middle market and build them with strategic and financial support to top level firms in Spain and beyond. We are grateful to MásMóvil’s founder and CEO Meinrad Spenger, whose strategic vision and partnership have been pivotal to driving transformative growth. We wish everyone at MasOrange success for the next chapter and would like to thank our Lorca co-investors for their partnership since 2020.”

Advisors to Cinven, KKR and Providence included: Barclays, BOFA, BNP Paribas, CACIB, Goldman Sachs (lead), ⁠JP Morgan (M&A) and Freshfields (Legal).

Completion of the transaction is anticipated in H1 2026, subject to customary closing conditions and regulatory approvals.