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Paris, France — Orange said Tuesday that, together with Masmovil, it completed a transaction to create a joint venture in Spain, forming the top operator in the country in terms of customers.

Each company will own a 50% stake of the JV, with equal governance rights in the combined entity.

The new entity aims to lead in various aspects and generate significant synergies. Key appointments have been made for leadership roles within the joint venture.

With over 37 million broadband and mobile lines, the new entity becomes the market leader in Spain in terms of customers. The ambition is to lead the market in talent, user experience, innovation, environmental and social impact, and fiber and mobile coverage, Orange said. The join venture creates a “sustainable player with the financial capacity to continue investing in next-generation networks for the benefit of the market, consumers and enterprises in Spain”, Orange added.

Orange said it revised estimates, as the new company is expected to generate synergies of more than €490 million per year by the fourth year after closing. Based on preliminary closing accounts, the respective proceeds at closing will be approximately €4.4 billion for Orange and approximately €1.65 billion for Masmovil shareholders.

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By Lisa Luckas

Lisa Luckas is a Sr. Business News Editor at Nobot.News.

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