Orange to buy remaining 50% of Spanish unit MasOrange for $5 billion

PARIS: French telecoms group Orange said on Friday it had reached a non-binding agreement to buy the 50% stake it does not already own in its Spanish unit MasOrange for 4.25 billion euros ($4.96 billion) in cash.

With the acquisition of the stake currently jointly held by U.S. private equity funds KKR, Cinven and Providence, Orange will strengthen its position in an economy that has consistently outpaced others in the euro zone, boosted by a booming tourism sector, a strong labour market, European Union funding and cheaper energy.