Latest updates in the realm of private equity during the past week
Orange, a leading European telecom company, has submitted a preliminary, non-binding offer to purchase the remaining 50% stake in MasOrange, a Spanish telecom operator, from private equity firms Cinven, KKR, and Providence Equity Partners [1][2][3]. The offer, reported on July 22, 2025, values the stake at around €4 billion to €4.9 billion, excluding debt, implying a total deal valuation of over €10 billion.
MasOrange was formed in 2022 through a €18.6bn merger of MásMóvil and Orange’s fully owned Spanish unit. The current 50% stake owned by the private equity trio is now under consideration for a potential exit or buyout [4][5].
Meanwhile, EQT, a global investment firm, has announced its EQT X fund's acquisition of Adevinta's Spanish operations. The deal includes some of Spain's most prominent online classifieds platforms such as Coches.net, InfoJobs, Milanuncios, Fotocasa, and Habitaclia [6]. The acquisition reinforces EQT's strategic focus on high-growth consumer internet platforms.
In a separate development, L Catterton, a consumer-focused private equity firm, has led an $800 million investment in Flexjet, marking the largest fundraising to date in the private aviation sector [7]. The investment values Flexjet at approximately $4 billion, a significant increase from its $3.1 billion valuation during a previously abandoned SPAC listing in 2022.
Negotiations or further steps are likely before a deal is finalized in both the MasOrange and Flexjet scenarios. The potential MasOrange deal is expected to close in Q1 2026, pending customary regulatory approvals [5].
[1] https://www.reuters.com/business/telecoms-media/orange-makes-non-binding-offer-for-remaining-stake-in-spanish-unit-mas-orange-2025-07-22/ [2] https://www.bloomberg.com/news/articles/2025-07-22/orange-offers-to-buy-out-remaining-stake-in-spanish-telecom-venture [3] https://www.ft.com/content/3933b65e-2f08-418a-b5c3-9e72e11d2a86 [4] https://www.reuters.com/business/telecoms-media/orange-considers-partial-or-full-buyout-of-spanish-venture-masorange-2025-07-28/ [5] https://www.ft.com/content/263a761d-566e-4e3a-a2f6-4c340737c401 [6] https://www.reuters.com/business/media-telecom/eqt-to-acquire-adevinta-s-spanish-operations-2025-07-27/ [7] https://www.bloomberg.com/news/articles/2025-07-26/l-catterton-leads-800-million-investment-in-private-jet-operator-flexjet
- The preliminary offer submitted by Orange to purchase the remaining 50% stake in MasOrange potentially signals a private equity exit or buyout, as the current stake is owned by private equity firms.
- The potential deal between Orange and MasOrange, valued at over €10 billion, might be subject to regulatory approvals before it is finalized in Q1 2026.
- Simultaneously, EQT, a global investment firm, has finalized a transaction to acquire Adevinta's Spanish operations, marking a significant move in the consumer internet sector.
- L Catterton, a consumer-focused private equity firm, led an $800 million investment in Flexjet, marking the largest fundraising in the private aviation sector, and valuing Flexjet at approximately $4 billion.
- Private equity firms continually seek capital for fundraising, as demonstrated by L Catterton's recent investment in Flexjet.
- The valuation of MasOrange's remaining stake ranges from €4 billion to €4.9 billion, excluding debt, augmenting the overall transaction value.
- EQT's acquisition of Adevinta's Spanish operations, including popular online classifieds platforms, underscores the private equity giant's strategic focus on high-growth consumer internet platforms.
