Telecom giants Orange and MASMOVIL completed the formation of a joint venture to operate in Spanish telecoms market, in a €19.6bn ($21.1bn) deal. Orange and MASMOVIL’s shareholders each own a 50% stake of the JV, with equal governance rights in the combined entity. “Today’s announcement is an important stepping-stone in the deployment of Orange’s long-term strategic plan in Europe. By creating a stronger and more sustainable player, the joint venture launched today will help drive innovation and investment in high-speed broadband and digital services in Spain. This is clearly a positive step forward in our overall vision for a strong and thriving telecoms industry in Europe," Christel Heydemann, Orange CEO.