Orange Spain and Masmovil in talks to create €20bn JV

After feeding off scraps of speculation about M&A in Spain for more than a year, Orange and Masmovil on Tuesday finally served up something substantial.
The deal being negotiated will create a 50-50 joint venture with a combined enterprise value of €19.6 billion, revenues of €7.5 billion and EBITDAaL of more than €2.2 billion. It would boast more than 20 million mobile customers and 7 million fixed-line customers, which, based on data from Spain’s competition regulator t