Private equity investors KKR, Cinven, and Providence may soon exit their investment in MasOrange through an initial public offering (IPO). As joint owners with Orange, these equity firms consider launching an IPO of the new mobile giant by next year, according to sources cited by the Financial Times. MasOrange emerged from the €22 million merger of Orange and MasMovil’s Spanish operations in 2022. This deal, which merged operations, narrowed the competitive field from four mobile players to three in Spain.
Despite facing regulatory scrutiny, the approval was granted in 2024 after MasMovil divested some of their spectrum assets to Digi Spain. Both Orange and MasMovil retained the option of initiating an IPO after a two-year period, set to end in April 2026.
Since acquiring MasMovil in 2020 for approximately €5 billion, KKR, Cinven, and Providence have anticipated an opportunity to realize some returns on their investment. MasOrange’s robust financial performance bolsters these expectations. The company reported €7.388 billion in revenues for 2024, up by 1.5%. Their EBITDA climbed substantially by 10.8% to €2.803 billion, with cost savings from synergies already contributing €120 million out of the projected €500 million in efficiencies.
While no formal decision about the IPO has been confirmed, moving forward could potentially allow Orange to buy out the trio, reaping more control over MasOrange.
Investors already submitted non-binding offers, reflecting robust venture interest. As MasOrange prepares for a potential IPO and joint venture, the developments in ownership could significantly influence the mobile landscape in Spain and across Europe.
