Orange-MásMóvil merger confirmed
31/03/2024
A MERGER between two key telecommunications providers has now been finalised – Orange and MásMóvil will operate as a single company from April onwards.
According to an official communication from the two corporations combined, the deal takes the form of a joint venture, split exactly halfway with shareholders of each company holding 50% of the capital and the same voting and management rights over the two firms as they previously had over the one they had invested in.
It has not been revealed what the newly-merged company's trading name will be, or whether both brand names will continue in use, but as a joint venture the resulting entity is expected to see an annual turnover of about €490 million.
Estimated income ahead of the merger is €4.4 billion from Orange and €1.65bn from MásMóvil.
“The accounts of both companies will be consolidated and combined in a new legal entity that has now been registered,” the press release confirms.
“It is expected that the new corporation will be in operation as a sole firm from April 2, 2024.”
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A MERGER between two key telecommunications providers has now been finalised – Orange and MásMóvil will operate as a single company from April onwards.
According to an official communication from the two corporations combined, the deal takes the form of a joint venture, split exactly halfway with shareholders of each company holding 50% of the capital and the same voting and management rights over the two firms as they previously had over the one they had invested in.
It has not been revealed what the newly-merged company's trading name will be, or whether both brand names will continue in use, but as a joint venture the resulting entity is expected to see an annual turnover of about €490 million.
Estimated income ahead of the merger is €4.4 billion from Orange and €1.65bn from MásMóvil.
“The accounts of both companies will be consolidated and combined in a new legal entity that has now been registered,” the press release confirms.
“It is expected that the new corporation will be in operation as a sole firm from April 2, 2024.”