Orange to Get About $4.8 Billion From Merger of Spanish Unit With MasMovil
By Adria Calatayud
Orange will receive around 4.4 billion euros ($4.77 billion) from a planned merger of its Spanish business with MasMovil, the companies said Tuesday.
The telecommunications companies closed the deal on Tuesday and, based on preliminary closing accounts, proceeds from the deal will be around EUR4.4 billion for Orange and about EUR1.65 billion for MasMovil shareholders, they said.
The companies had previously said the combined entity would have an enterprise value, including debt, of EUR18.6 billion.
The joint venture--the largest telecom operator in Spain by customers--is expected to generate annual synergies of more than EUR490 million by the fourth year after completion, the companies said. They had previously put that figure at more than EUR450 million.
MasMovil Chief Executive Meinrad Spenger will take the helm of the new company, while Orange France Chief Executive Jean Francois Fallacher has been appointed as nonexecutive chairman, the companies said.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
March 26, 2024 09:56 ET (13:56 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
10 Top-Performing Dividend Stocks of Q3 2024
-
33 Undervalued Stocks
-
Communication Services: Cable’s Broadband Dominance Isn’t as Strong as It Once Was
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities
-
Best- and Worst-Performing Stocks of Q3 2024
-
Top Stocks to Own From the Best Fund Managers
-
2 Cheap Stocks Top Managers Have Been Buying
-
The 10 Best Companies to Invest in Now