Orange Group has completed its full takeover of its Spanish JV MásOrange.

The telco announced that it has now acquired the 50 percent stake in MásOrange that was owned by Lorca, which is owned by private equity funds Cinven, KKR, and Providence.

Orange signed an agreement in December to snap up the 50 percent stake for €4.25 billion ($4.92bn), giving Orange full ownership of the company.

The timing of the announcement comes a day after Orange struck an agreement along with Free-Iliad and Bouygues Telecom to snap up SFR’s mobile assets.

“Acquiring full ownership of MásOrange is a strategic step of our Trust the future plan and strengthens Orange’s position in Spain, our second-largest market in Europe,” said Christel Heydemann, chief executive officer of the Orange group.

“It paves the way for accelerated industrial, operational and commercial synergies, supporting greater value creation. With full ownership comes full agility; MásOrange can now move at full speed backed by the strength and scale of the Orange group.”

The French telco and MásMóvil finalized their merger in Spain in 2024 to create the country’s biggest mobile operator, both taking a 50 percent stake.

First announced back in 2022, the merger was estimated to be worth €18.6 billion ($21.5bn).

The telco is the biggest in Spain with 26 million mobile customers and 7.1 million fixed broadband customers.