Alex Trelinski
SPAIN’S biggest telecoms merger became a reality on Tuesday with Orange and MasMovil completing the legal process to become a joint company.
The two operators will have a combined base of over 30 million mobile phone customers and will be the leading telecoms firm in the country- based on client numbers.
It also has over seven million broadband subscribers(fibre and ADSL) and another two million who access television services.
Tuesday’s news came just a fortnight after the government formally approved the union, valued at around €16.8 billion.
“Orange and MasMovil have today announced the creation of their new joint venture,completing the agreement to combine their operations in Spain,” they said in a joint statement.
“The shareholders of Orange and MasMovil each own a 50% stake in the joint venture, with equal governance rights in the combined entity,”
There’s been no mention of a new company name, but the El Economista newspaper said on Tuesday that the new communications giant would combine the sum of its parts and be called MasOrange.
The merger has been several years in the making starting off rumours of a link between MasMovil and Vodafone.
When that did not happen, MasMovil and Orange then started courting each other.
READ MORE:
- EU could block merger in Spain between mobile phone giants Orange and MasMovil
- Two of Spain’s biggest phone and broadband operators sign merger deal
