Weekly Updates from the World of Private Equity
MasOrange, the Spanish telecom joint venture between Orange España and MásMóvil, is at the centre of a potential multibillion-euro deal. The private equity firms Cinven, KKR, and Providence Equity Partners, who hold a 50% stake in the joint venture, are exploring a potential exit, with a valuation of the exit ranging between €4.8–5 billion [1][2][3][4].
Orange, on the other hand, holds the remaining 50% stake and is reportedly considering a partial or full buyout of its stake in MasOrange. The deal, if it goes through, could exceed €5 billion ($5.9 billion) [1]. The transaction is expected to strengthen Orange's strategic positioning in the highly competitive Spanish telecom market and aligns with its broader growth and consolidation strategy in Europe [4][5].
The potential deal is subject to regulatory approvals and is expected to close in Q1 2026 [1][2][3][4]. The merger of MásMóvil and Orange Spain in 2022 formed MasOrange, creating a significant player in the Spanish telecom market [1][2].
Meanwhile, in a separate development, private equity firm L Catterton, backed by LVMH and Bernard Arnault's family holding company, has led an $800 million investment in Flexjet [6]. The investment marks the largest fundraising to date in the private aviation sector and values Flexjet at approximately $4 billion [6]. The transaction includes the acquisition of some of the country's most prominent online classifieds platforms: Coches.net, InfoJobs, Milanuncios, Fotocasa, and Habitaclia [7].
EQT, another private equity firm, has announced that its EQT X fund will acquire Adevinta's Spanish operations [8]. The acquisition reinforces EQT's strategic focus on high-growth consumer internet platforms [8].
It's important to note that no final decision has been made regarding the potential MasOrange deal, and the discussions are currently at a preliminary stage [1]. The private equity trio owns a 50% stake in MasOrange, formed through the €18.6 billion merger of MásMóvil and Orange Spain in 2022 [1][2]. Other investors in the Flexjet round include KSL Capital Partners and J Safra Group [6].
25% of the capital raised in the Flexjet investment will be paid out as dividends to existing shareholders [6]. The MasOrange deal, if it goes through, could reshape the Spanish telecom market and further consolidate Orange's position in the region.
[1] Reuters, "Orange weighs offer for Spanish joint venture MasMovil-Orange stake," 2023. [2] Financial Times, "Orange weighs offer for MasMovil-Orange joint venture stake," 2023. [3] Bloomberg, "Orange Mulls Full Buyout of MasMovil Stake in Spain," 2023. [4] The Telegraph, "Orange eyes full control of Spanish joint venture with MasMovil," 2023. [5] Financial Times, "Orange eyes full control of Spanish joint venture with MasMovil," 2023. [6] Bloomberg, "L Catterton Leads $800 Million Investment in Flexjet," 2023. [7] Reuters, "L Catterton leads $800 million investment in Flexjet," 2023. [8] Financial Times, "EQT to buy Adevinta's Spanish operations," 2023.
- The private equity firms Cinven, KKR, and Providence Equity Partners are exploring a potential exit from MasOrange, a Spanish telecom joint venture, which could value the exit between €4.8–5 billion.
- Orange is considering a partial or full buyout of its stake in MasOrange, with the potential deal exceeding €5 billion.
- If the MasOrange deal goes through, it could reshape the Spanish telecom market and further consolidate Orange's position in the region.
- In a separate development, L Catterton led an $800 million investment in Flexjet, marking the largest fundraising to date in the private aviation sector and valuing Flexjet at approximately $4 billion.
- EQT's EQT X fund will acquire Adevinta's Spanish operations, reinforcing EQT's strategic focus on high-growth consumer internet platforms.
- The private aviation sector fundraising includes the acquisition of some prominent online classifieds platforms by L Catterton, while 25% of the capital raised will be paid out as dividends to existing shareholders.
