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Commission Approves JV Between Orange and MásMóvil

COMMUNICATIONS


  • As part of the agreement, the parties will divest 60MHz of spectrum to Digi and propose a roaming agreement, pending approval from Spanish Gov’t (as previously disclosed)
  • Deal includes a JV equalization payment of EUR 5.85bn from MasMovil to Orange and MasMovil shareholders (of which ~EUR 4.2bn is expected to flow to the Orange Group).
  • Not a big surprise and hence not likely a spread mover.

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