PARIS (dpa-AFX) - Orange and MASMOVIL (LORCA JVCO) have signed a binding agreement to combine their businesses in Spain, Orange said in a statement.
The combination of the activities of ORANGE Spain and MASMOVIL would take the form of a 50-50 joint venture co-controlled by ORANGE and MASMOVIL (LORCA JVCO), with equal governance rights in the combined entity.
The agreement between the companies includes a right to trigger an IPO under certain conditions for both parties after a defined period and, in such a scenario, an option for ORANGE to take control of the combined entity at IPO price.
As part of the final deal, ORANGE Spain's enterprise value is set at 7.8 billion euros and MASMOVIL's at 10.9 billion euros.
The transaction is expected to close during the second half of 2023 at the latest.
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