PARIS (dpa-AFX) - On Tuesday, France-based Orange S.A. (ORAN) said that it
has completed the merger of its operations in Spain with Masmovil, creating the
country's biggest operator in terms of customers.

The telecom companies announced jointly that they each will own 50 percent of
the joint venture, which is expected to generate synergies of more than 490
million euros per year after four years of the deal's closure.

Upon the closure of the deal, Orange will receive proceeds of approximately 4.4
billion euros, whereas Masmovil shareholders will receive 1.65 billion euros.

The joint venture, which will be operational from today, will be headed by
Masmovil CEO Meinrad Spenger.

Currently, Orange's stock is trading at $11.54, up 0.30 percent on the New York
Stock Exchange.



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