08 Mar 2022

Stephane Richard's great leaving gift

Orange SA (ORA:PAR), 0 | Orange SA (0OQV:LON), 0

- Jean-Michel Salvador
- 3 pages

Orange and MasMovil announced this morning the combination of their operations in Spain. The combined entity would become a strong second player in Spain with revenues of €7.5bn (vs €12.5bn for Telefonica), EBITDAaL of €2.2bn. It is expected to generate €450m of synergies from the third year post closing onwards. So, clearly a nice leaving gift for Orange from its future ex-CEO Stephane Richard. We maintain our Buy on the stock.

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Stephane Richard's great leaving gift

Orange SA (ORA:PAR), 0 | Orange SA (0OQV:LON), 0

Published: 08 Mar 2022
Author: Jean-Michel Salvador
Pages: 3

Orange and MasMovil announced this morning the combination of their operations in Spain. The combined entity would become a strong second player in Spain with revenues of €7.5bn (vs €12.5bn for Telefonica), EBITDAaL of €2.2bn. It is expected to generate €450m of synergies from the third year post closing onwards. So, clearly a nice leaving gift for Orange from its future ex-CEO Stephane Richard. We maintain our Buy on the stock.