Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) is advising MásMóvil on its €18.6bn 50/50 joint venture with Orange to combine the parties’ fixed and mobile telecommunications operations in Spain.

The agreement between parties includes a right to trigger an IPO under certain conditions for both parties after a defined period and, in such a scenario, an option for ORANGE to take control of the combined entity at IPO price.

The joint venture between MASMOVIL and ORANGE will create a sustainable player with the financial capacity and scale to continue investing to foster the future of infrastructure competition in Spain for the benefit of consumers and businesses. The joint venture would lead to significant efficiency gains, allowing the combined company to accelerate investments in FTTH and 5G that will benefit Spanish customers.

The transaction is subject to approval from antitrust authorities and other relevant administrative authorities and is expected to close during the second half of 2023 at the latest.

The Freshfields team advising on the transaction is led by Global Transactions Corporate partner Armando Albarrán supported by associates Mario Pacini and Iñigo Ríos. The antitrust team participating in the transaction was led by partner Thomas Wessely, supported by senior associate Rocío de Troya, principal associate Amaryllis Müller and associate Björn Sijtsma.