Orange Makes Play for Rest of MasOrange, Strengthens Submarine Fleet
Orange reached a nonbinding agreement with Lorca to acquire full ownership of MasOrange by buying the remaining 50% stake in the Spanish joint venture for $4.84 billion. Orange said Friday that it expects to reach a binding agreement by the end of the year.
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The transaction “will accelerate Orange's strategic plan ‘Lead the Future’ and further strengthen Orange's position in Spain, the Group's second-largest market in Europe,” the company said. “With full ownership, Orange confirms its long-term industrial commitment in Spain, and its confidence in MasOrange and its management to create value for all stakeholders.”
Meanwhile, Orange Marine, a subsidiary focused on submarine cable work, announced Monday the construction of two new cable ships, bringing its total to four, “to strengthen the resilience of submarine cable networks in Europe, the Middle East and Africa.” With the new ships, Orange “will have the most advanced and modern maintenance fleet in the world,” it said. The ships will operate in the Atlantic Ocean, the English Channel, the North Sea, the Indian Ocean, the Mediterranean Sea and the Red Sea.