Orange and MASMOVIL have today announced the formation of a new Joint Venture (JV) after finalising their agreement to merge operations in Spain. As reported by TelecomTalk, Orange and MASMOVIL have received clearance from the European Commission to combine their operations in Spain in February. With each company holding a 50 percent stake, the JV becomes a leading player in Spain's telecom sector, boasting over 37 million broadband and mobile subscribers, the official release said on Tuesday.
Also Read: Orange and Masmovil Receive Clearance for Joint Venture in Spain
Strategic Priorities
According to the official announcement, the new entity is set to prioritise talent, user experience, innovation, environmental and social impact, and fiber and mobile coverage with continued investments in networks to benefit both residential and business customers. According to revised estimates, the new company is expected to generate synergies of more than EUR 490 million per year by the fourth year after closing.
Leadership Appointments
Jean Francois Fallacher, former CEO of Orange Spain, assumes the role of non-executive Chairman. Meinrad Spenger, longtime CEO of MASMOVIL, has been appointed as the CEO of the JV, with Ludovic Pech and German Lopez joining as CFO and COO, respectively.
Also Read: Masmovil Extends 5G Coverage, Now Available in 2,217 Spanish Localities
Speaking on behalf of the JV, the CEO expressed commitment to serving their 30 million customers with dedication, promising continued satisfaction and innovative solutions.
Orange's CEO said, "Today's announcement is an important stepping-stone in the deployment of Orange's long-term strategic plan in Europe. By creating a stronger and more sustainable player, the joint venture launched today will help drive innovation and investment in high-speed broadband and digital services in Spain. This is clearly a positive step forward in our overall vision for a strong and thriving telecoms industry in Europe."
The companies (Orange Spain and MASMOVIL) will operate as a single entity, and the JV is operational from today, Orange said.
