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Masorange has taken advantage of the presentation of its first accounts as an independent company, following the merger of Orange and MásMóvil, to announce the creation of a joint venture with Vodafone Spain - now controlled by Zegona and in the middle of a redundancy programme - for fibre optics, the two companies have said in a statement.
The main objective is to take advantage of synergies in the fibre optics network of both operators and reduce Masorange's high debt, which exceeds 14 billion euros.
According to the accounts presented on Wednesday 24 July by the operator headed by Meinrad Spenger, the company's turnover amounted to 3.6 billion euros in the first half of the year, which is practically flat (+0.11%) compared to what Orange and MásMóvil separately recorded in the first six months of 2023. Adjusted Ebitda was 1.3 billion euros, almost 7% higher than that of both companies in 2023.
MasOrange's fundamental problem is debt. The new telecommunications company has accumulated debt of almost 13 billion euros excluding leases and close to 14.3 billion including them, dragging along the strong leverage of MásMóvil before the merger due to its acquisitions.
Better news comes from the results of the first synergies from the merger, especially network efficiency, which brought savings of 50 million euros to the company in the first half, adding 341,000 customers between fibre and mobile. At 30 June the company had 33.1 million total lines, 25.8 million mobile and 7.3 million broadband.
The agreement with Vodafone will provide fibre-optic coverage to 11.5 million homes and will benefit the Spanish market by "guaranteeing access to the most advanced network", say the two companies. For now they have signed a "confidential" and "non-binding" letter of intent and there is also the possibility of a third investor joining the project.
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